Financial advisers contribute greatly to divorce planning

| Jan 15, 2019 | Divorce |

Emotional dissatisfaction typically motivates people in Connecticut to seek divorces, but the process requires an intense examination of marital and individual finances. People from all income levels generally benefit from the guidance of financial planners and accountants. A person going through a divorce might need to find new advisers to gain impartial perspectives instead of relying on service providers hired during the marriage.

A financial planner could provide insights about the influence the divorce will have future income. Advice could help someone decide if it is viable to keep a family home or if the property should be sold. The adviser could also work out what the person’s monthly budget will look like after the divorce and how to continue planning for retirement. As decisions are made and proceeds from a divorce settlement are distributed, a financial planner could assist the newly single person with opening new bank or brokerage accounts.

The services of a certified public accountant could play a crucial role when someone makes financial decisions during negotiations of a divorce settlement. A CPA could alert a person to taxes on different types of assets that a divorce would split between the departing spouses. Tax filing decisions, such as who will get to apply for child tax credits going forward, might also be navigated with a CPA’s advice.

Legal support could supplement financial advice for clients who are facing the end of a marriage. An attorney could prepare court paperwork and manage litigation if it becomes necessary. Legal insights about marital and individual property definitions could protect a person from signing away assets unnecessarily. An attorney could also take a lead role in negotiations with the other party if the person needs to avoid direct and potentially hostile confrontations. Buffering the person from arguments might keep negotiations focused on reasonable compromises.

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