The breakdown of a marriage can happen to anyone, including people with wealth and means. When those with high assets divorce, certain financial matters influence how that divorce unfolds, and it usually requires delicacy. Many people turn to their financial advisor for help, but what should they do if they share that advisor with their soon-to-be-ex-spouse?
If this sounds like your life, rest assured that solutions exist. Depending on your relationship with your current spouse, you may actually both be able to continue to use the same Georgia financial advisor. It may help you to understand exactly what your advisor will do for both of you and what to expect. Your divorce doesn’t have to change your financial advisor, but it may alter the relationship to the benefit of everyone involved.
Talking to your financial advisor about divorce
If you and your current spouse both want to continue to use the same financial advisor, you should know up-front that he or she may not want that arrangement. However, if the advisor is open to the possibility, all parties need to consent and understand that their financial information may be disclosed to the other party. All of you can work together to take an inventory of all family assets. Be sure to provide your advisor with copies of any estate planning documentation, tax returns and a prenuptial agreement if one exists.
The advisor should ask you about your financial priorities as well as any priorities that may influence your finances, such as child custody. Considering them ahead of time is helpful as you can take time to determine what matters most to you. Perhaps you want to hold on to the family home or retire out of state, and your advisor can advise you based on those goals.
Your new future
Your advisor will help you see what your new life post-divorce may look like. You’ll want to think about not just the division of assets you and your spouse may share but who may make choices for your care in the future if needed. The advisor can work with you to determine a new budget or savings plan so that addresses any needs that could come up as you age.
One more important thing a financial advisor can assist you with is creating a team to advise you regarding different aspects of your divorce. There are legal implications to consider in addition to the financial ones you’re already addressing. Working with more than one qualified professional may be the best way to start your new life with confidence for the future.