As you go through life, you’ll experience many changes and a variety of life events. While different events can affect you in different ways, many of them will have a direct effect on your finances. If you’re experiencing a life event that will affect your finances, it’s important that you work with your financial advisor so that they can provide you with guidance throughout the process.
There are numerous types of life events that may require a financial advisor, including the following:
Buying or Selling a Business
When you’ll be buying or selling a business, it’s vital to work with a financial advisor throughout the process. This is true whether you’re an entrepreneur, a small business owner, a doctor, or a dentist. Dental practice management consultants agree that dentists who are looking to transition in or out of any dental practice need to create a plan with a team of experienced advisors. This can include a CPA, a financial advisor, an attorney, and more, but helps ensure that the transition is handled in the best possible manner.
Marriage
If you’re planning to get married, it may be time to speak with your financial advisor. This is especially true if you’ll be setting up a prenuptial agreement, as you’ll need financial statements to do so. Your financial advisor can help evaluate your financial situation and work with you to prepare for marriage financially. They can also help you set financial goals for marriage, savings, and more, so that you start the partnership on firm financial footing.
Buying a Home
Your financial advisor can help you prepare to purchase a home. They can help evaluate your finances, so that you know how much money you have on hand for a down payment and how much you can afford to spend on a mortgage. In addition, they can work to advise you about things like loan terms and interest, so you’ll know you’re getting the best possible deal on your home loan. Purchasing a home is a major decision, so it’s vital to have advice from someone that you trust throughout the process.
Renovating
If you plan to renovate your home or business property, you may need input from a financial advisor. These talented professionals can help you determine how much money you’ll need for the renovations, as well as help you figure out the best methods for financing. They can also work with other contractors as you plan out the process, so that you have money available for each phase of the project. For example, In California, a landowner must provide 30 days’ notice to adjoining landowners if they plan to excavate for a fence or other structure. The financial advisor can use this time to work out a plan for financing the next stage of the project, so that you’re prepared before it begins.
Divorce
In the United States, there are approximately 2 divorces per minute. If your marriage is ending, you may need a financial advisor to help you with the details of the process. These financial professionals can help you create your financial statements for the court, work with you on child support amounts, and help you determine an appropriate amount of alimony. They can work with your attorney to develop a skilled representative team, helping you make appropriate decisions throughout the divorce process.
Life is full of major milestones, many of them with dramatic impacts on your finances. If you’re experiencing a milestone, it’s important that you plan appropriately. A financial advisor can help you with saving money in advance, how to spend money appropriately, and what to do each step of the way.
