Divorce can be an emotionally painful process—and it can have financial repercussions that affect you for the rest of your life. Decisions made about dividing assets, retirement plans and spousal support can be complex and have long-term impacts.
While attorneys help navigate people through the legal aspects of divorce, and family, friends and therapists provide emotional support, you may also need a financial advocate to help you with the financial side of divorce.
While every divorce situation is different, there are many times when a person needs a financial advocate during the divorce process. Here are some common situations when a person may seek out a divorce financial specialist.
Family Finances Were Not Your Responsibility
Often one spouse handles the day-to-day, retirement and long-term finances for the household. That person may be quite familiar with the household budget, investments, pensions, and other assets and liabilities.
When the financial assets are being split during a divorce, the other spouse may feel they are at a disadvantage because they aren’t as familiar with the finances. They may not understand the different types of investments or retirement accounts.
A financial advocate can help them understand the finances and how different asset divisions may impact their financial future.
There May be Missing Accounts or Hidden Assets
During a divorce, one spouse may try to hide assets or funds from the other. If you are concerned a spouse may be hiding assets, a financial advocate can help you dig deeper into the financial records and find accounts or funds that may be hidden.
A Business is Involved
Businesses add another layer of complexity to the divorce process. Making decisions about a company during a divorce involves many factors, whether you are a business owner or the spouse of a business owner.
A financial advisor can help you address issues such as the best way to divide the business equity without putting a detrimental financial strain on the company, finding the best business valuator for your business, determining the true income derived from the business, and other financial considerations.
You Will Need Complex Valuations
While many people are accustomed to having home appraisals done, but doing other valuations is more complex. If you need valuations on pensions, stock options, executive benefits and other financial assets, a financial expert can help you determine these values.
You Need a Second Opinion
While attorneys are experts in the legal aspects of divorce, divorce financial analysts are experts in the financial aspects of divorce. During the divorce process, a Certified Divorce Financial Analyst® can give a second opinion on a divorce settlement proposal.
A divorce financial analyst can work with you when you are considering the financial implications of asset divisions and can also provide information on how those financial decisions can impact taxes, retirement, household income and your financial future.
Contact Us Today
For many people, a financial expert is a valuable member of their divorce team. If you want to learn more about adding a Certified Divorce Financial Analyst® to your divorce team, contact us today to schedule a complimentary consultation.