“How to help people get to where they want to be.”
This is the response I received when I asked an experienced Financial Advisor “What do you do?”
The reason for my question was the result of a dilemma one of my current clients found herself facing as she grappled with questions regarding child support, maintenance payments, and retirement. She did not know what she was going to need to survive after her upcoming marital separation and divorce.
Often, when couples are ready for divorce, some find themselves unprepared to move on and live after the divorce as they had prior to the divorce. There are a number of factors that contribute to this. For example, it is not uncommon for one person to be in charge of the finances in a family. This occurs when the other party, usually the woman, is intentionally left out of these decisions or opts out for the sake of convenience. Moreover, again usually for the woman, if she has worked, it has been part-time. As a result, a pension or retirement account is limited or non-existent.
In addition, the ease of credit card spending, and the unlimited opportunities to obtain additional ones when maxed out, has led to a country with large credit card debt. This is not usually confronted until the divorce and the realization that the debt is never going to be satisfied with monthly payments. These are significant issues that many couples face when they decide to divorce.
Many can solve them through rational, realistic discussions with a trained mediator. Others need assistance that a mediator does not provide. This is where the skills of certified financial planners are helpful. Financial advisors are professionals that can help you make important decisions regarding issues like maintaining cash flow, health needs, homeownership, and retirement planning. If you are not sure of the direction you need to take regarding these and other financial questions, you may find that consultation with a financial planner could be helpful.