Going through a divorce can have a significant emotional impact on all parties involved – however, it can just as greatly impact your finances.
With more than 40% of marriages ending in divorce, it’s essential to know how you can protect your finances and successfully navigate this experience.
In this article, you’ll learn why financial advice is key to establishing a smarter approach to your divorce. This will help to ensure you can continue to protect and grow your wealth in the way that’s best suited to you.
Read on to find out more.
Where can you find the best financial advice for you?
Finding impartial financial advice is one of the most important steps in your divorce. A modern wealth management service can be one of the best sources of advice and guidance for your financial situation.
With Netwealth wealth management, for example, their advisers can give you expert guidance on how to manage various aspects of your divorce.
They will help to ensure you take an approach that’s best suited to growing your wealth from your current financial circumstances, and building more wealth resilience moving forward.
How can financial advice help you navigate a divorce effectively?
There are many different ways advice from a wealth manager can help you navigate a divorce, including:
- Unique and flexible guidance
A wealth manager can provide you with advice that’s tailored to you and your individual financial circumstances. This enables you to take a unique approach to your divorce, that’s designed to give you the best financial outcome based on your specific needs.
As well as this, your adviser will speak to you regarding all your concerns, challenges, and worries surrounding your finances throughout the process. This will allow them to give you advice that’s specifically designed to address these concerns, and help you overcome financial obstacles as efficiently as possible.
With advice tailored to you, your financial confidence can go a long way to being restored. You’ll also be able to prepare better for many of the impacts that might occur through your divorce.
- An expert financial plan
Your financial adviser can also help you create a financial plan. This will outline your financial goals for the future, as well as the desired financial outcome you want from your divorce.
They can then assist you in implementing a variety of crucial steps to help you achieve your financial goals as efficiently and successfully as possible.
The extensive knowledge from your adviser can help you consider every option or potential approach to your divorce – for instance, this could include deciding on what to do with your superannuation, and what the impacts of each option are.
Each step will be carefully crafted by you and your adviser, to ensure they are not only well-suited to growing your wealth, but achievable in terms of your current circumstances.
- Effective investment management
It may also be important to reconsider how you’re structuring your investments, and this is where financial advice is imperative.
Your wealth manager can ensure you’re making the right investments to grow your wealth effectively, so your finances are more resilient as you navigate your divorce.
For example, your adviser will assess your current circumstances, and guide you on which portfolios to invest in, providing you with the optimised level of risk to achieve the highest potential return, that’s ideal for your circumstances and desired financial goals.
As you navigate the challenges and complexities of a divorce, a professional wealth management service can help you secure the most successful financial outcome from your situation, and continue to give your finances the priority and attention they deserve.
Please note, the value of your investments can go down as well as up.
The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.