DIY is all the rage, but there are situationswhen you shouldcall in a professional ' like when you're rewiring a bathroom or reworking your investment portfolio.If you're dealing with the former, call an electrician. Please. And when it comes to managing your money, you might want a financial planner on the job.What does a financial planner do'A financial plannerlooks at the big picture when it comes to your money and develops a comprehensive plan to address your needs and long-term goals. Ideally, he or shecan advise you on investments, insurance, estate planning, and taxes, among other things.Your plannermight be paid hourly, on a project basis, via a monthly retainer or with a percentage of any investments he or shemanages on your behalf.Do you need a financial planner'If your finances are relatively simple and your money questions can be answered with a Google search, save your money and skip the financial advisor. You don't need to pay someone to tell you to keep contributing to your employer's 401(k)."Do you need a surgeon to put on a Band-Aid' Do you need a mechanic to put air in your tires'" asks Pedro Silva, a financial advisor in Massachusetts. "The complexity of the situation should dictate how much help [you] need."Below are four potentially complex money situations that might warrant a financial planner.SEE ALSO:I spent 5 years studying self-made millionaires ' these are the 10 traits they had in commonYou're getting marriedSometimes combining finances requires a neutral party. A financial planner can be that party, says Scott Snider, a financial planner who works in Ohio and Florida."When couples are first married, they're still getting to know how they both operate in terms of money," Snider says. "A financial planner can help them work through defining their goals, how they look at their money, and then ranking and prioritizing goals."Once you have a plan, you can implement it yourselfand check in with a planner as you approach other milestones that could affect your finances, such ashaving children.A planner can also determine whether you and your partner are better off filing taxes together or separately. Snider recalls one instance when filing separately cost a couple $4,200.You're getting divorcedHappily ever after doesnt always end that way, and the consequences can wreak havoc on your finances. For starters, youre likely going from two incomes to one. Youre also divvying up financial assetsproperty, investments and cashand responsibilities, such aschild support and alimony.Anyone going through a divorce should find a good lawyer and a good planner and make sure theyre on the same page, Snider says. Are you getting hosed on something, like your spouse taking all the cash holdings but giving you the pretax IRA' Theyre not the same things.Snider says a good lawyer will fight for a fair division of assetsand a financial planner will help you hit the reset button and figure out how to manage your money going forward.You're starting a familyBabies are expensive. Thats not news to parents, but exactly how expensive might be surprising.With health care, clothing, food, toys, diapers and day care, parents could spend more than $20,000 in just their childs first year, according to a recent NerdWallet analysis. But most seriously underestimate the costs of raising a baby.A financial planner can help you plan for your childs first year and beyond. He or she can advise you on balancingcollege savings with retirement savings and other priorities, ensure you have the right level of disability and life insurance coverage, and help you stretch your dollars.See the rest of the story at Business Insider
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