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Financial planning tips during a divorce

On Behalf of | Jan 15, 2019 | Divorce

Getting a divorce in Arizona or any other state may represent a clean start for an individual. Therefore, it may be a good idea to resolve the matter with professionals who solely represent one spouse or the other. This could be difficult at first as a person may want to keep their lives as static as possible during a potentially emotional time. However, a divorce attorney may be able to recommend a financial adviser for a person to work with.

Furthermore, it may be a good idea to work with an accountant and an estate planning professional. Accountants can create a plan for handling any tax issues that are related to the divorce and life after it is finalized. Forensic accountants can also be helpful in discovering assets hidden or obscured by the other spouse. An estate planner can help a person update beneficiary designations and other documents that may need to be changed when a marriage ends.

Ideally, these parties will work together as a team as well as individually with the person getting divorced. Those who are going through the divorce process should interview at least two different people in each of these fields prior to making a hiring decision. This can help ensure that an individual’s best interests will be protected throughout the divorce.

Dividing assets can be one of the biggest challenges a couple faces when getting divorced. Ideally, each person will have professionals representing their interests during asset division talks to result in a settlement that is equitable to both sides. An attorney may be able to help a person obtain a favorable outcome in a divorce either through mediation or in a courtroom. This may include obtaining parental rights to any children an individual had during a marriage.