Should I Secure A New Financial Adviser During Divorce?

Financial advisers are essential when it comes to managing and maintaining wealth. However, even if you spent years developing a personal relationship with your adviser, it might be time to move on. You and your soon-to-be ex-spouse have your own financial needs, priorities and wishes. Using the same financial adviser during divorce can compromise your current and future financial security.

You might feel resistant to making a serious change during a period of adjustment, such as divorce. If this is the case, consider your final goal. You probably want a clean emotional and financial break from your spouse. Sharing professional advisers, including those for financial purposes, does not support that clean break and can even hinder your future success.

What should a new financial adviser do?

Your new financial adviser should define the state of your finances after you finalize your divorce. This can help you address a number of important matters, such as whether you can afford to remain in your home or should consider making a change. Depending on your needs, you may also elect to increase your work hours based on this picture of the future.

Aside from providing valuable financial advice both during and after your divorce, your adviser should take concrete steps toward preserving your wealth and stability. This includes doing the following in only your name:

• Opening new bank accounts
• Creating new investment accounts
• Updating beneficiaries
• Removing your ex from remaining accounts

With whom else should I speak?

The decisions you make during divorce can affect your taxes. In order to minimize any unintended consequences, you should speak with a qualified accountant. A certified public attorney can also determine the best manner in which to transfer certain assets to maximize tax benefits.

Speaking with an estate planning professional is also advisable. Your estate plan likely includes your spouse in a number of ways, such as in your will, living will and various powers of attorney. An experienced adviser can help you prioritize your estate planning needs for your post-divorce life.

Divorce is an opportunity to start anew

Divorce usually feels like an ending rather than an opportunity to start something new. However, it is difficult to move forward when you still have multiple ties to your ex-spouse and that period of your life. Enlisting the help of new advisers could greatly benefit your financial success and stability.

Securing trustworthy and effective advisers in New York can be difficult, especially when you are already in the middle of a high-asset divorce. You do not have to tackle this process alone. When working with an experienced family law attorney, consider requesting his or her recommendation for a new financial adviser and other professionals.