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Financial planning for post-divorce life

| Jan 16, 2019 | Divorce |

When spouses get divorced in Texas, it might take them a while to grasp the property division process. Some wealthier couples may already have planners who have helped them with family financial issues in the past. However, it’s generally wiser for a soon-to-be ex to get their own financial advising team.

After all, each party needs a team of professionals looking out for their interests. If the couple’s financial team had already built up a relationship with one spouse, it just makes sense to complete the break and find new advisers. In this case, it’s better to avoid the original instinct of keeping as many things as routine as possible during the time of radical upheaval.

When creating a new financial team, one should include a financial adviser to help them plan and budget for post-divorce life. This professional could also recommend keeping the family house or selling and downsizing. Another member of the team should be an accountant who can watch over issues involving taxes. This professional could help ensure that the negotiated settlement doesn’t lead to a much larger tax burden. Experts also recommend adding an estate planning attorney to the team. Legal counsel could work on the divorcee’s new will, powers of attorney, trusts and any future wealth planning.

To gather a financial team together, a person can ask their divorce lawyer for recommendations. The financial team will likely be an integral part of the divorce planning. A lawyer with family law experience can also help their client understand the many changes they will face during the separation process.

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