Divorce can be an extremely difficult experience both financially and emotionally, but it can also be a time for new opportunities and a fresh start. Divorce presents unique challenges for women, and they may be inclined to approach financial situations differently than men. Women account for a large percentage of the country’s wealth, and when divorce enters the equation, challenges arise. It’s important to assemble a team that is acquainted with those challenges and their respective solutions.
Upon the conclusion of your marriage, it’s understandable to feel emotionally and physically exhausted. However, there’s still a great deal of financial housekeeping to be done. The good news is that you don’t have to travel this road alone.
Surround yourself with a team of advisors who will help you understand your financial condition in this new phase of life. In addition to a divorce or family law attorney, you should engage (1) a financial advisor, (2) a Certified Public Accountant (CPA) and (3) an estate planning attorney. It is important to choose advisors who will collaborate with each other to reach the best possible solution for you. Together, they will offer an objective approach and provide a stable footing for your new beginning.
Why are each of these advisors so crucial to your future financial success? Let’s take a look at the services each professional can provide:
- Financial Advisor: To help you understand your new financial reality and achieve financial security through cash-flow budgeting, debt analysis, retirement planning and investment management, a credentialed financial advisor is key. He or she will educate you, help you define new fiscal goals and bring you closer to peace of mind financially.
- CPA: After a divorce, taxes can be complicated and confusing. For instance, are you able to claim your children as dependents or was that awarded to your spouse during your divorce? Make sure to hire a CPA to help you with your tax returns and tax planning. Taxes can be especially confusing if you had not been actively involved in the tax preparation process during your marriage.
- Estate Planning Attorney: An area that is often overlooked, but extremely crucial, is the need to update your estate planning documents after divorce. You will need a new Will, Power of Attorney, Advance Directive and Living Will. You will also need to revisit beneficiary designations for any life insurance and/or retirement accounts you may have. An estate planning attorney can help you update all of these documents.
If you allow them, these advisors will serve as the pillars of your financial future. There is great comfort that comes with financial security and the knowledge that you have trusted advisors who will work as a team to help guide you in your new beginning.
The advisors of the Women’s Wealth Connection at Warren Averett and Warren Averett Asset Management can educate you, help you achieve financial security and simplify your financial complexities. Click here to learn more or to meet our team. You can also download our services brochure here.