Research and clinical practitioners have mixed views whether reading and spelling difficulties should be combined or seen as separate. This study examined the following: (a) if double dissociation between reading and spelling can be identified in a transparent orthography (Finnish) and (b) the cognitive and noncognitive precursors of this phenomenon. Finnish-speaking children (n = 1963) were assessed on reading fluency and spelling in grades 1, 2, 3, and 4. Dissociation groups in reading and spelling were formed based on stable difficulties in grades 1–4. The groups were compared in kindergarten phonological awareness, rapid automatized naming, letter knowledge, home literacy environment, and task-avoidant behavior. The results indicated that the double dissociation groups could be identified even in the context of a highly transparent orthography: 41 children were unexpected poor spellers (SD), 36 were unexpected poor readers (RD), and 59 were poor in both reading and spelling (RSD). The RSD group performed poorest on all cognitive skills and showed the most task-avoidant behavior, the RD group performed poorly particularly on rapid automatized naming and letter knowledge, and the SD group had difficulties on phonological awareness and letter knowledge. Fathers’ shared book reading was less frequent in the RD and RSD groups than in the other groups. The findings suggest that there are discernible double dissociation groups with distinct cognitive profiles. This further suggests that the identification of difficulties in Finnish and the planning of teaching and remediation practices should include both reading and spelling assessments.