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A newly divorced spouse may benefit from a financial team

On Behalf of | Jan 18, 2019 | Divorce |

Most people getting a divorce in Washington, or anywhere else in the nation, face many changes during the transition to single life. For a dependent spouse who previously relied on their ex’s assortment of financial professionals, it’s sometimes tempting to get a new team of advisers. However, it may be difficult for a newly single adult to get a clean break or fresh start if they fail to choose financial advisers more in line with their personal needs and goals.

One potential source of recommendations for financial experts is a divorce attorney. Legal counsel may be able to point a dependent spouse in the right direction as they seek to build their own financial team, which typically consists of a financial adviser, accountant and possibly an estate attorney. The role of a financial adviser is to present a clear picture of what financial life after a divorce will likely look like. This may involve making recommendations about the benefits or pitfalls of holding onto the marital home.

A certified public accountant (CPA) can act as a tax adviser or a forensic accountant. In regard to potential taxes, a CPA could determine if a settlement will be financially favorable for a dependent spouse. A CPA serving as a forensic accountant sometimes works with a divorce attorney to assess credit scores and identify assets or sources of income that may not have been disclosed by the other spouse.

At the end of a marriage, an attorney may also recommend updating wills, financial powers of attorney and beneficiary designations on insurance policies and similar documents. This process may require a referral to an estate planning attorney. A lawyer is often the person who initially coordinates actions taken by a financial team on behalf of a dependent spouse. However, these duties are usually handed off to the financial adviser once all divorce-related tasks have been completed.