Financial tips for going through a divorce

On Behalf of | Dec 27, 2019 | Divorce |

When Florida residents are going through a divorce, they might want to work with a financial adviser. Many couples will have the same one, and this could appear to put the adviser in a difficult position. A professional who continues to work with both individuals through the divorce must remain neutral throughout the process.

Whether or not people get a new financial adviser, certain tasks should be done. First, they should make a list of all family assets and their value. They should get important documents together as well, including estate planning documents, tax returns and insurance policies. People may need to assemble a team of professionals that can include an attorney and an accountant.

A financial adviser can also begin to discuss priorities with the client. It is important for the person to focus on the long term. In a divorce, people can often get caught up in wanting to keep a particular asset and may lose sight of the larger picture if they do not think about this ahead of time. They should consider how property might be divided and how child custody and support might be handled. They may also want to think about what updates need to be made to their estate plan.

Another thing people may want to consider is whether they might be able to negotiate an agreement with their spouse or if they will have to go to litigation. Many couples are able to resolve their differences with the help of their respective attorneys, and this can be less costly and stressful than going to court. However, if one spouse is simply uncooperative or a parent is concerned about the child’s safety with the other parent, litigation may be necessary.