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Post-divorce life may require new financial pros

On Behalf of | Jan 15, 2019 | Divorce, Spousal Maintenance

For some Minnesota couples, marital arrangements include situations where one spouse is dependent on the other one for financial decisions. Should a marriage come to an end, a dependent former spouse may opt to continue to rely on the same set of professionals that advised their ex. The justification for doing so may be to ease the transition process. However, it can be difficult for newly-single adults to make a clean break while still working with a team they may not have selected or even dealt with personally.

It’s often advised that dependent spouses begin to select their new set of financial pros during the divorce process, starting with a financial adviser. This is the individual who can help people determine if they can afford to keep the marital home or whether they may need to go back to work to increase their hours, even if they’ll be receiving alimony. They can further help with the process of changing beneficiaries on various accounts to remove the ex’s name and opening new banking and investment accounts.

A tax professional or CPA is typically able to determine if a settlement is fair in terms of the related tax consequences with certain assets. Advice on child tax credit considerations and assistance with tax filings may add up to much-appreciated savings for a former dependent spouse. In addition to creating a marital income schedule, calculating income, and determining debt responsibilities, a forensic accountant may be able to identify sources of income the other spouse failed to disclose. Some spouses also prefer to work with an estate attorney to change wills and similar documents to reflect their new status.

In addition to handling settlement negotiations, what an attorney can do during the end of a marriage is make recommendations for financial professionals a divorcing spouse may want to work with. It’s common for a lawyer to coordinate the actions of the various professionals a spouse may choose to have on their new financial team. The financial adviser usually assumes this role once a divorce is finalized.

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