A divorce is not only complicated in separating two intertwined personal lives, but the financial separation can be just as complicated if not more so. Most married couples engage the same business manager to assist with taxes, financial planning and overall financial needs during their marriage. This makes sense while their lives are joined together in marriage, but it makes less sense to continue that arrangement once the marriage is in the process of ending. When a divorce is set in motion one of the parties should engage a new business manager to assist in their divorce proceedings so that they have their own financial representation.
Engaging the new business manager as early in the process as possible is our recommendation. Having a personal advocate to assist in understanding your financial situation during this difficult process is well worth the costs. This is especially true if you are the spouse who is not the primary wage earner. Having to start over personally as well as getting your arms around your own finances and managing them can be difficult and overwhelming. The business manager will also be very helpful to the divorce attorney in combing through personal assets to ensure all are represented as well as assist in their valuation and submission to the court in the divorce proceedings.
Upon finalization of the divorce the new business manager will be able to you get your finances in order. This will be done by reviewing your investment strategies; implementing tax planning, reviewing insurance needs, setting up budgets, and assisting with payment of bills as well as making sure any child support or alimony payments are collected timely.
Having a financial professional on your team can make all the difference in understanding your position financially pre and post divorce. This is especially true for the non-wage earner. As difficult as the process can be having a good business manager can help make that process feel much smoother.
If you have any questions or need assistance during a divorce please feel free to contact me.