Hiring Your Own Financial Team During a High Asset Divorce

 Posted on February 13, 2019 in High Asset Divorce

Most married couples share financial advisors. However, once a couple decides to get divorced, it is usually a good idea for each party to hire a new financial advisor, accountant, and tax advisor, who can ensure that his or her interests are protected. This is especially important in cases where one spouse had the majority of contact with the family’s financial advisors during the course of the marriage. Hiring a new financial team can give divorcing parties peace of mind that their advisors have no shared or conflicting loyalties and will treat them in a fair and impartial manner. If you and your spouse are thinking about filing for divorce and you are in need of recommendations for a financial team of your own, please contact our dedicated high asset divorce legal team today for assistance.

Financial Teams

Financial teams hired to assist with high asset divorces are usually made up of a number of individuals, including:

• Business valuation experts;
• Certified divorce financial analyst;
• Certified public accountants;
• Certified financial planners;
• Commercial property appraisers;
• Personal property appraisers; and
• Residential property appraisers.

All of these individuals play an important role in valuing property. For instance, certified public accountants can help explain the tax implications of retaining certain assets, while a forensic accountant can help ensure that one spouse isn’t hiding assets or attempting to commit fraud by identifying and valuing marital property.

Generally, the size of a person’s financial team will depend on how complicated a couple’s assets are. For instance, it is not uncommon for couples who are going through high asset divorces to require the assistance of multiple appraisers who can assign value to their antiques, jewelry, real estate, collectibles, artwork, and other unique property. Similarly, it is usually more difficult to determine the tax implications of dividing especially valuable or unique assets, so it is often necessary for divorcing couples to speak with not only a forensic accountant, but also a certified divorce financial analyst.

Recommendations

Recommendations for a financial team should be based not only on professional reputation, but also personality, as the advisors must be able to effectively help the spouse and be compatible with him or her. Finding the right fit can be difficult, making it especially important for couples who are going through a high asset divorce, to speak with an experienced attorney who has worked with competent and fair financial teams in the past.

Contact a Dedicated Round Rock High Asset Divorce Attorney

To speak with an experienced Leander high asset divorce lawyer about building your own financial team, please call Powers and Kerr, PLLC at 512-610-6199 today. You can also reach us by completing one of our brief online contact forms.

Source:

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

https://www.marketwatch.com/story/why-a-divorce-can-mean-a-breakup-with-your-financial-adviser-too-2019-01-04