Why Divorce Should Also Mean New Relationships with Financial Advisers
By: M. Scott Gordon
When spouses in the Chicago area make the decision to get divorced, they usually know that it is important for each to have his or her own divorce lawyer in order to have someone to advocate for their individual rights throughout the process. But if you are getting divorced after a long marriage and have spent time building relationships with tax preparers, accountants, and other financial advisers, can you and your ex-spouse continue to rely on the services of those financial advisers after the official dissolution of the marriage?
According to a recent article in MarketWatch, getting divorced may mean that you should reevaluate your relationship with professional advisers.
When Your Ex-Spouse Developed the Relationship with Your Family’s Financial Advisers
The most obvious situation in which it is important to find new financial advisers after a divorce is when your ex-spouse was the person who developed those relationships. The article emphasizes that, when divorce is “supposed to be a clean financial break from your spouse, does it really make sense to continue using the same advisers as your ex?” In most cases, “the answer is no, especially if your ex is the one who has the relationship with those advisers.”
To be clear, in order to make a clean financial break from your ex-spouse, it typically does not make sense to continue sharing financial advisers. But for spouses that have not been primary breadwinners and are now in the process of getting divorced, finding new financial advisers may be more important than ever.
How Financial Advisers Assist During a Divorce
Not only should you find a new set of financial advisers after the divorce, but the article emphasizes that hiring your own financial advisers during the process of the divorce can also be extremely helpful. In particular, for high net worth couples, a financial adviser can help to open new investment accounts as well as to ensure that all marital property in the ex-spouse’s possession that has been distributed to you in the divorce is transferred properly.
Having your own accountant-separate from the accountant your spouse is using-during the divorce can also be helpful. An accountant can ensure that your divorce settlement does not have unexpected tax consequences and can discuss the best property division options “from a tax perspective.”
In particularly complicated divorces, a forensic accountant can also be beneficial. Forensic accountants can help to discover hidden assets during the divorce. If you believe your spouse is hiding assets, having your own accountant usually means that the accountant will receive financial information from the other spouse and can analyze it for discrepancies. As the article explains, forensic accountants may “speak the language of finances” better than other members of your team.
Seek Advice from a Chicago Divorce Lawyer
Are you thinking about filing for divorce, or are you in the process of getting divorced? If you have questions about divorce and financial matters, an experienced Chicago divorce attorney can discuss your options with you and can speak with you in more detail about the types of financial advisers who may be beneficial in your case. Contact M. Scott Gordon & Associates for more information about how we can assist you.