If your divorce involves the division of a significant number of assets, having a trusted financial advisor is just as essential as having an experienced family law attorney. However, too many people make the mistake of sticking with the same financial professionals they and their spouse have shared for years. That can be a big mistake. So can not having a financial advisor at all.
If you’re going to be determining what happens to one or more homes, investments, retirement accounts, artwork and other valuables, you want sound financial guidance. That’s typically something your attorney will recommend that you seek out in a financial professional that works for you — not you and your spouse.
By determining the short- and long-term financial and tax impact of various property division scenarios, your financial advisor can help you decide what strategy you’d like your attorney to pursue.
You may trust the financial advisor you and your spouse have had for many years — and they may be worthy of that trust. However, if they continue to work for both of you, you’re placing them in the middle of your divorce and asking them to divide their loyalty. If your spouse is the one continuing to pay their salary and/or the one who’s had most of the contact with them over the years, you can be at a significant disadvantage.
Maybe during your marriage, you were more than happy to let your spouse handle the finances, taxes and investments, and it worked out well for you. Now you have to begin to think as a single person (maybe a single parent). That means focusing on protecting your future and that of your children.
Your attorney can likely recommend financial professionals, including tax and investment advisors, to help you as you determine what kind of settlement you’re going to seek.