Though divorce is something many people experience, that doesn’t mean the process is easy. Most people go through numerous changes during their lives, and it’s difficult to know the best way to proceed.
If you’re considering a divorce here in Colorado, you likely understand that it impacts your personal finances. However, one thing you might not have thought about is the need to hire new professionals to replace those the two of you used jointly. Finding a new financial adviser is particularly important. Understanding why and how to go about doing so can offer you a sense of security.
Why you need a new financial adviser
Finding a new professional to oversee your money is one way to start fresh without your spouse’s influence. Sometimes, this is difficult if your spouse was the breadwinner, but it is important nonetheless. It is a way of asserting your independence and taking control of your future.
The new financial adviser can help you create a picture of your financial life post-divorce. He or she will help you through big choices like whether you need to look for employment or sell your home. Your financial adviser can also set up new banking accounts, if needed, and update your life insurance or retirement policies to reflect your new situation.
Who else you should replace
Consider changing accountants as well. He or she can help you avoid a divorce agreement that negatively impacts your finances. The accountant considers your potential tax liabilities, whether you receive a child tax credit, what your filing status should be during and after divorce, and several other factors.
One other professional that is often overlooked is the estate attorney. Whether you change this person or not, you’ll want to update your will and other parts of your estate plan to reflect your new marital situation. The attorney can look into your future and make recommendations based on your financial potential.
Where to find a new financial adviser
One of the best resources to find a new person to oversee your finances is your divorce attorney. He or she can recommend competent professionals to help you achieve your financial goals for the future. The personality and professionalism of a financial adviser is crucial for anyone going through a divorce. An attorney who wants the best for his or her client will have helpful recommendations.