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Don't rely on amateur financial advice during your divorce

When you're going through a divorce, it may seem as though every family member, friend and work colleague has advice for you. Much of this is financial advice. Professional financial advisors say that they spend a good deal of time convincing their clients that the information they've received from people in their social circle is inaccurate and potentially detrimental to their financial future.

One certified financial planner notes that "money is extremely emotional." That's particularly true when someone is in the midst of a divorce, and their ability to make sound decisions is compromised by the myriad feelings they're having. Another CFP says, "Try telling someone who's already mad at the world that their friends and family are not the folks to rely on in a divorce for financial advice."

When you're going through a divorce, the decisions you make can impact your financial future for many years to come. These include decisions regarding investments, retirement accounts, property division, spousal and child support and changes to estate plans.

If you have the resources, it's worthwhile seek advice from a financial planner and tax advisor in addition to your Florida family law attorney. If you and your spouse already have a financial team, it's often best to seek out new professionals who will look out after your interests alone and not have any conflict of interest.

That's just the first step. As one of the CFP notes, "When you hire someone with special expertise, you need to be ready to listen to them."

Your attorney can likely provide you with recommendations of financial and tax advisors in your area. Taking their advice over that of well-meaning friends and family will put you in the best possible financial position as you begin this new stage of your life.

Source: CNBC, "Beware of bad financial advice from friends and family," Deborah Nason, Nov. 07, 2016

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