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Finding a new financial team after a divorce

On Behalf of | Jan 18, 2019 | Family Law

Some former Virginia couples come out of a divorce after having had a relationship where the dependent spouse relied on outside sources for financial advice. When transitioning back to a single life, some dependent spouses prefer to continue to use the same set of financial professionals they relied on when married. However, it’s generally advised that former spouses looking to make a clean break select their own financial team post-divorce, especially if it was the other partner who picked the other financial experts in the first place.

One possible source of recommendations for a new set of financial professionals is a dependent spouse’s family law attorney. Generally, an ex tends to benefit most from working with a financial team that’s a match for their personality and on the same page with their goals. There are several key team members a dependent spouse may want to choose during the divorce process or shortly after a marriage is officially over.

The role of a financial adviser is to answer questions and present a clearer picture of what post-divorce finances will likely look like. They may also be able to help a former spouse determine if they can afford to keep the marital home. An accountant or CPA might jump on board during the settlement process to help the dependent spouse divide assets in a way that minimizes tax consequences. Another possible team member is an estate attorney to draft, update or set up wills, trusts, powers of attorney, healthcare directives and other estate-related documents.

If a dependent spouse gets their new financial team together shortly after the divorce process begins, an attorney may be able to draw on their unique skills to iron out property division issues. For instance, an accountant may be able to calculate how much money is available for alimony and child support. A lawyer may also recommend hiring a forensic accountant if it’s suspected that the other spouse has assets and income they haven’t officially disclosed. Typically, an attorney hands the task of coordinating efforts with team members off to the financial adviser once a divorce is complete.