Whether or not you need a financial advisor along with an Illinois family lawyer probably depends on a number of factors, including wealth and the relationship with your soon-to-be spouse. Reuters published an article last week about the growing need for such professionals in out-of-court divorces.
While the story targets finance professionals who might want to become divorce financial advisers, it's also informative for regular folks considering a divorce. First of all, divorce financial analysts typically are involved with out-of-court divorce settlements; either collaborative or mediated divorce.
In the context of a collaborative divorce settlement, the idea is to provide non-partial advice on how to split assets in a way that is beneficial to both parties. According to New York-based adviser Laura Hyman, it's a "financial neutral" role in which advisers are barred from taking on either spouse as a client after the divorce.
Mediation is a little different in that the adviser can either be hired as a financial neutral or by either spouse. Also, a financial neutral may take on either spouse as a client after the mediated divorce.
It's one of the most stressful financial transitions in most people's lives, Ms. Hyman said:
"You have to look at them as the couple they were and as the individuals they are going to be. The usual financial planning structure doesn't work."
Just as divorce isn't cheap, neither are the services of a financial adviser. Look for a professional who is accredited as a Certified Divorce Financial Analyst, many of whom charge about $100 to $150 per hour.
Most divorce attorneys in Chicago probably can refer you to a divorce financial adviser.
- What Is Collaborative Divorce? (FindLaw)
- 10 Most Frequently Asked Questions Regarding Divorce Settlements (Institute for Divorce Financial Analysts)
- Browse Chicago Family Law Attorneys (FindLaw)