Most people preparing for complex divorces featuring significant and valuable property recognize that they need assistance. They hire lawyers to advise them on state law and manage the divorce process on their behalf.
However, many people may also find that they require the support of financial professionals. There are several different types of experienced financial professionals who can assist those preparing for complex divorces. Spouses may decide to hire forensic accountants, business valuation specialists, appraisers and even financial advisors.
What key functions can these financial professionals perform during a complex divorce with above-average assets in play?
Asset valuation
Appraisers and business valuation professionals typically help during divorce by providing a professional opinion on the objective value of certain marital resources. Real property and businesses are often among the most expensive assets acquired by couples during marriage. The spouses may need help validating what those resources are worth so that they can pursue a fair property division outcome when they divorce.
Asset tracing
The more extensive and diverse the marital estate is, the easier it is for one spouse to engage in financial misconduct. Those preparing for a high-asset divorce may require assistance reviewing the marital estate to see if there has been any significant financial conduct. A forensic accountant could find signs of hidden assets ranging from secret bank accounts to digital resources. They may also be able to properly value any damage to the marital estate caused by financial misconduct.
Tax analysis
Many of the decisions made during and immediately after divorce can have tax implications. From the liquidation of property to agreements to pay spousal support, financial decisions can have significant tax consequences. Consulting with financial professionals can help people minimize the tax liability that accompanies divorce. Proper guidance can help people optimize their resources for rapid financial recovery after divorce.
Financial planning for the future
Spouses often need help rebuilding their finances post-divorce. They need to preserve their assets and maximize their income. Those who have assistance while planning for their financial future may have an easier time preserving their standard of living and achieving their financial goals, such as retirement.
Objective input and guidance
Financial professionals can help people calculate how much child support the courts might order and also whether spousal support or alimony could be an option. Their perspective on the family circumstances can help during court if they need to testify. They can also provide assistance during mediation by providing neutral opinions on financial matters.
Professional financial support as well as legal guidance can help people ensure the best outcome when preparing for a high-asset divorce. Looking at the big picture during divorce can help people achieve the fastest recovery after divorce and the most comfortable standard of living possible given their assets and income.