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Dependent ex-spouses may benefit from a new financial team

On Behalf of | Jan 16, 2019 | Divorce

It’s not unusual for a dependent spouse in Alabama to opt to keep the same set of financial professionals when a marriage comes to an end. The reasons for doing so may be for the sake of convenience or because of a desire to avoid the hassle of having one more thing on a post-marriage to-do list. However, it’s generally advised that dependent spouses assemble a financial team more in tune with their needs and goals. This can be especially beneficial if it was the other person who maintained the relationships with various financial professionals.

Key financial pros typically include financial advisers and accountants. A financial adviser can come on board during the divorce process to help clients determine whether they can afford to keep the marital home. They can also offer input on a dependent spouse’s financial outlook post-divorce and confirm that assets from financial accounts have been received or transferred.

An accountant can help a dependent spouse by ensuring that asset division is done in a way that minimizes tax burdens as much as possible. Also, a CPA is often able to provide a detailed breakdown of the tax make-up of marital assets. The role of a forensic accountant is to help an attorney determine what assets are available. This may involve discovering hidden assets or sources of income not reported by the other spouse.

The accountant may also produce a marital asset schedule and make income calculations for both parties to paint a clearer financial picture. As part of the divorce process, an attorney may also recommend that clients update their wills, powers of attorney, health care directives, and other estate planning documents.

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