Preparing for a Financial Separation During Divorce

 Posted on January 16, 2019 in Complex Divorce

Ending a marriage requires couples to grapple with a host of difficult issues. For instance, divorcing couples must make the transition from married life to single life and come to terms with the emotional implications of ending a marriage. However, these are not the only considerations that come into play during divorce. This is especially true for couples who have unique, diverse, or significant assets, as these individuals are forced to not only physically separate but to financially separate as well. This can be a difficult process for spouses who have accumulated substantial wealth during their union, making it particularly important for those who find themselves in this type of circumstance, to retain an experienced high asset divorce attorney who can help protect their financial interests.

Obtaining Assistance from Finance Experts

Coming up with a fair property settlement during the divorce process requires a thorough understanding of marital money management, as ignorance about the existence of or value of certain assets and liabilities is a serious disadvantage. In many cases, spouses who don’t feel confident in their knowledge of their financial situations are encouraged to hire one or more financial professionals who can delve into their family’s economic complexities. Forensic accountants, in particular, can play a critical role in uncovering hidden income, as well as:

• Determining whose accounts are being used to pay for which expenses;
• Determining what types of insurance policies a couple had, who is listed as a beneficiary, and the source of payments; and
• Creating a thorough list of each party’s debts and assets.

Valuation experts can also help ensure that all of a couple’s assets are labeled with their fair market value, while tax advisors can help divorcing individuals avoid unnecessary tax burdens. Finally, certified accountants can help trace the origin of a piece of property, which is crucial to the process of determining whether an asset qualifies as community or separate property.

Separating Finances

Once these steps have been taken, a divorcing couple can begin to separate their finances, so that each is only paying for his or her portion of expenses and costs. This can be a difficult process, especially for those who were historically not as involved in tracking and maintaining responsibility for their family’s finances. For help grappling with these, and other high asset divorce-related issues, please call our legal team today.

Call an Experienced Leander High Asset Divorce Attorney for Help with Your Case

Please contact Powers and Kerr, PLLC at 512-610-6199 to discuss your finance-related questions and concerns with a dedicated Leander high asset divorce lawyer. A member of our team is standing by and ready to begin working with you through each step of your case.

Sources:

https://guides.sll.texas.gov/community-property

http://www.huffingtonpost.com/michael-most/what-to-do-when-divorce-or-widowhood-puts-you-in-financial-control-for-the-first-time_b_8171890.html?utm_hp_ref=divorce&ir=Divorce