Financial Experts and Divorce

 Posted on January 09, 2018 in Complex Divorce

Couples with significant or diverse assets are often required to deal with unique hurdles when going through a divorce. For this reason, many high asset couples are strongly urged to work closely not only with an experienced high asset divorce attorney, but also with a skilled financial team that can help assess the value of the couple’s property. To learn more about what kind of financial advice you may require during a high asset divorce, please call our legal team today.

Types of Financial Experts

Financial teams that assist couples who are going through a divorce often include some or all of the following individuals:

• Forensic accountants;
• Business valuation experts;
• Residential property appraisers;
• Commercial property appraisers;
• Personal property appraisers;
• Certified Public Accountants (CPAs); and
• Certified Financial Planners (CFPs).

All of these specialists play an important role in valuing property and ensuring that one spouse is not committing fraud. However, one of the most important financial experts that can be retained by a divorcing couple is a Certified Divorce Financial Analyst (CDFA).

What Is the Role of a CDFA?

CDFA professionals are specifically trained to address the financial questions of divorcing couples, while also helping them:

• Determine what they own by collecting financial and expense data;
• Explain the advantages and disadvantages of dividing assets in a certain way;
• Calculate debt;
• Analyze options for dividing pensions or other retirement accounts;
• Identify their future financial goals;
• Determine which investment options will provide the most financial security;
• Develop a budget;
• Explain the tax consequences of various settlement proposals;
• Determine whether the client can afford the marital home;
• Assess income tax returns and financial documentation to uncover any hidden assets;
• Come to a fair settlement;
• Create an alimony schedule; and
• Review their will or trust documents with an attorney.

One of the best ways to ensure that parties to a divorce are able to come to an amicable and fair settlement is to attempt a collaborative divorce, as this allows both individuals to work closely with a variety of appraisers, valuation experts, and other financial specialists who can explain their options.

Get the Legal Representation You Deserve

Navigating the complexities of a divorce can be a difficult undertaking, especially if the parties involved do not seek the aid of professionals and financial experts. At Powers and Kerr, PLLC, our passionate Round Rock high asset divorce lawyers have the experience, resources, and connections necessary to ensure that you have access to a wide range of financial experts who are well-versed in handling divorce-related matters. We are prepared to begin working on your case immediately, so do not hesitate to reach out to our legal team for a confidential consultation and learn how we can help you moving forward.

Source:

https://www.huffingtonpost.com/divorce-magazine/financial-fraud-and-divor_b_8210922.html