Money is typically an issue of importance for most people in Washington. Families juggle finances on a daily basis, striving to make ends meet and secure plans for their futures. When couples choose to divorce, the topic of finances can become a priority. Especially in a case of high asset divorce, a spouse will want to make careful decisions regarding the future and may benefit from seeking financial advice before proceeding to court.
Couples who delay addressing the matter of finances until after divorce sometimes find that it might have been more prudent to do so before a settlement was reached. When a divorce is finalized, certain legal decisions have been made, some that might have significant bearing on one’s future financial life. If a person is concerned with short-term cash needs, insurance or issues of future child support payments, he or she will most likely want to seek answers to questions by consulting with a financial adviser before divorce proceedings.
Similar to what happens when seeking the help of an experienced family law attorney, it is advisable to seek guidance from a financial adviser separate from that of one’s soon-to-be former spouse. If spouses have been in a long-term marriage and have shared the same financial adviser, a conflict of interest may arise when intensely personal financial issues are discussed. The potential complications, disputes and stress of negotiating matters of finance can be somewhat alleviated if one takes steps to secure sound advice ahead of time.
A Washington spouse with questions or concerns about finances in relation to divorce, or other matters of importance — such as property division, child support and visitation or financial disclosure issues — can seek guidance from an experienced attorney in the area. He or she will ensure that one’s rights are protected and that the focus remains on the client’s best interests. Experienced legal counsel can make the difference between negotiations that are wrought with discord and division and those that are peacefully engaged and seek an outcome agreeable to all involved.
Source: marketwatch.com, “Before divorcing your spouse, consider divorcing your financial adviser“, Melissa Montgomery-Fitzsimmons, Nov. 5, 2015