The Importance of Changing Financial Advisers during the Divorce Process
When you are in the midst of divorce, it can often be very difficult to think about all of the other changes that need to be made in your life, such as making changes to the financial professionals that you consult with. However, in some circumstances, making a true, “clean break” means obtaining independence from your ex’s advisers, including accountants, financial advisers, attorneys, and others.
The best person to recommend the names of other financial professionals to assist you in this transition, and in managing your finances afterward, is your divorce attorney. It can also be helpful to work with professionals that they trust and regularly work with because they will likely be working together as a team during your divorce. Below, we discuss how some of these professionals are so important, and what roles they play in the process:
Your financial adviser plays a very important part in advising you before, during, and after the divorce process, especially early on, when you need to be figuring out the answers to important questions that will dictate other decisions, such as “can I afford to and do I want to hold onto the family home?” Your adviser will also likely assist you in opening your own banking and investment accounts, ensuring that any obligations due from the marital agreement are transferred to you, as promised, and in working with your attorney to ensure that any and all beneficiaries have been appropriately changed on your estate planning documents.
A certified accountant can serve as both a forensic accountant and tax professional. This individual will need to look over the marital/settlement agreement before it is finalized in order to ensure that it is in your best interests (as those have been discussed with him or her), and that you understand and are prepared for any and all tax implications associated with asset decisions. This individual can also not only help maximize tax deductions, but help figure out what is available for important payments, such as alimony and child support.
Estate Planning Attorneys
If you do not already have a will, powers of attorney, and other estate plan documents in place, you should coordinate them with an experienced estate planning attorney right away. If they are already in place, note that you will need to work with your attorney to adjust and update them to reflect new beneficiaries, post-divorce.
Contact Our Experienced Florida Divorce Attorneys to Find Out More
Divorce can be a difficult time, but working with an experienced attorney who understands the nuances of every issue involved, and is working by your side, in your best interest, every day, can make all the difference. Contact our West Palm Beach divorce attorneys at the office of William Wallshein, P.A. today to find out more about our services.