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Why you need your own financial team during divorce

On Behalf of | Jan 11, 2019 | High Asset Divorce

Most spouses share financial advisers. If one spouse is largely responsible for handling the couple’s finances, the other spouse may have little, if any, contact with those advisers.

If you and your spouse are divorcing, it’s probably wise to get a new financial adviser as well as a new accountant or other tax adviser. That’s particularly important if your spouse hired and had most of the contact with them and if they bring in the bulk of your combined income.

You want people on your team who have no shared or conflicting loyalties. You need people who will consider only your interests (and those of your children) when helping you make decisions in your divorce negotiations.

Your family law attorney can likely provide you with recommendations. One forensic accountant notes, “Recommendations for the team should be based on professional reputation — can the person help the dependent spouse? — and on personality — will the dependent spouse get along with this person and be able to establish a life-long relationship?”

The size of your financial team will depend in part on how much wealth you and your spouse will be dividing and how complicated your assets are. A financial adviser can help you come out of the divorce in as strong of a financial position as possible.

A certified public accountant (CPA) can help you look at the tax implications of keeping and giving up various assets. The real value of something after taxes are paid can be very different than it may look at first glance. If your marital assets are complex or if you aren’t certain that you are even aware of all the assets you’re entitled to share, a forensic accountant may be a valuable addition to your team. Among other things, they can work to find assets your spouse is trying to hide.

It’s essential for your attorney and your financial team to be able to work together, which is why asking your attorney to recommend people with whom they’ve worked and whom they respect and trust makes sense. However, once your divorce is final, your financial team can continue to help you as you move forward as a single person.