Who Makes Up Your Financial Team Post Divorce
Life post-divorce comes with many changes. One area that many forget to make changes to is their financial team. It can be important to do this, so you are no longer using the same financial professionals as your ex-spouse. Even if that person is no longer using the same experts, you may decide that you want a change during this new chapter of your life.
So, the question is . . . Who do you need on your financial team?
Estate Attorney: One of the to-dos that many forget to update is their estate documents. This can include, but is not limited to, Wills, Power of Attorney, medical directives, and Living Will. During your marriage you most likely defaulted to having your spouse serve as your beneficiary of any assets and the decision maker should anything happen to you.
Pro tip: In addition to making sure you update these documents, also update who your beneficiaries are on things like life insurance policies, 401(k)s, other retirement accounts.
Accountant: Your taxes will most likely look different in the year post-divorce, as you will now be filing as either single or head of household. If you have questions or concerns, it can be great to have an accountant you can use as a resource or strategist. From there, you can decide if you want them to file your taxes for you.
Financial Advisor: Now that the dust has settled from your divorce, it’s time to plan for the future. In addition, your finances, income, assets, etc. may have shifted or changed. The right financial advisor will help you be able to set new goals, build out a balance sheet detailing where you are now, and then create a plan to help you achieve those goals based on your current situation. They will give you actionable steps as well as help you determine which account types and investments are the right fit for you and your goals.
Pro Tip: Make sure the person you are receiving investment advice from is on BrokerCheck.com Building a new financial team will take time and it’s important to make sure that the people you are working with are the right fit for you and the life you want to build. In addition, all three of these professionals should be able to work together to help you build your dream life post-divorce.
About Caroline Tanis
Caroline Tanis CDFA®️ MBA is a Financial Advisor & Strategist, & Speaker that specializes in helping highly ambitious women and their families build a financial plan for their dream life. By taking a holistic approach to financial planning she is able to help clients identify their goals and build a financial plan to help them achieve their dreams. In order to do this, she uses investment, retirement, education, tax, and trust and estate planning tools.
Caroline began her practice at Merrill Lynch before going independent and founded Tanis Financial Group. She is a proud alumna of University of Delaware where she studied Financial Planning & Wealth Management and has her MBA in Finance from St. Joseph’s University. In addition, she holds her Series 7, 66, Life & Health License, and has her Certified Divorce Financial Analyst®️ designation.