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Severing ties with financial advisers can benefit divorcees

When people make the difficult decision to get divorced from their spouse in Oregon, the positives of their choice may be difficult to realize at first as many challenges loom in their immediate future. One of the most time-consuming aspects is the process of separating financial accounts and assets as people prepare to assume independence once again. 

During these difficult times, it is imperative that divorcees focus attention on maintaining finances that are organized and well-documented to regain traction in their efforts to stabilize their financial situation and their retirement future. What many people may not realize at first, is that continuing to use the same financial advisor as their soon-to-be-ex may complicate matters or prevent them from feeling completely independent from their former partner. 

Experts recommend that each person, especially the spouse who had a lesser relationship with the adviser, hire someone new to turn to for financial advice during divorce. With the recognition of freedom and a desire to move on from their failed marriage, people may be able to expedite that process by completely severing all ties from a financial perspective, including getting a new financial adviser. Once the outcome of the divorce is finalized, having a financial adviser can be an instrumental tool for people who wish to secure their future despite the challenges that have arisen from their relationship change. 

When people are preparing to divorce, an attorney can be a valuable partner in guiding the process and providing advice. Legal professionals can also provide recommendations for reputable financial advisers. 

Source: MarketWatch, "Why a divorce can mean a breakup with your financial advisor, too," David Rankin, Jan. 4, 2019

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