Some Ohio couples legally cut ties with one another while still using the same set of financial professionals for advice and assistance with investment, savings or estate planning matters. However, achieving a clean financial break from an ex may not be so easy if both former spouses continue to share the same set of advisers. This arrangement can be especially problematic if it’s the other ex-spouse who chose those professionals and typically maintained contact with them.
It’s not unusual for former spouses to gradually become more independent after a divorce is finalized. If a dependent spouse makes the decision to seek a new financial team, a common source of recommendations is that spouse’s attorney. It’s generally advised that a former spouse get a minimum of two recommendations for professionals in each specialty so that they can determine which one is the best fit for their needs.
It may be beneficial for a dependent spouse to start working with a financial advisor prior to their divorce so that they can get honest input about what their financial situation might look like post-split. A financial advisor can also help a dependent spouse determine if they can afford to hang onto the marital home. An accountant is typically able to provide tax guidance concerning assets and maximize tax deductions as much as possible. An accountant could also perform an assessment of a dependent spouse’s financial health based on a review of credit reports and history. An estate attorney may tackle the preparation of a new will and other adjustments to estate plans that need to be made post-divorce.
Normally, it’s the divorce attorney who coordinates arrangements with financial professionals during the process of ending a marriage and wrapping up legal requirements. An attorney may also be able to structure the divorce settlement in a way that protects certain assets, including jointly shared investment or retirement accounts. Once a divorce is finalized, a lawyer usually hands things over to a financial planner so that they can continue to coordinate matters with the other professionals that a former spouse prefers to work with on a regular basis.