![]() ![]() Financial advisors are not just for the wealthyĭespite the popular misconception, financial advisors do not simply benefit the extremely wealthy - particularly when it comes to divorce.Īlthough it is true that those who have significant assets and a complex financial portfolio would benefit from the advice of an expert in this area, people in this scenario would already have their own CPA or advisor on the case. You are also able to rest easier knowing that you have a professional on your side who is qualified to make sure your settlement is fair and that your immediate, as well as distant, future is protected. ![]() Having an expert to sift through the financial aspects of the divorce and advise the attorney frees your lawyer to focus on the legal aspects of building your case. However, this could create a major inequity during the division of assets if each party takes an account but one has a much larger tax liability. Probably not - chances are the attorney would assume that they are roughly the same and not think twice about it. But would your typical divorce attorney be able to glance at two investment accounts that seem similar on paper and be able to determine the tax liability associated with each? Your typical family law attorney will be familiar with the common tax, benefits and retirement issues that arise in divorce however, these areas can require a much deeper understanding to fully take advantage of potential savings - or avoid unnecessary penalties.ĭivorce attorneys are educated in legal principles and cannot possibly be expected to know everything a certified financial analyst knows as well, which is why having an advisor who is specifically trained to look into the nuances of financial matters can help catch many oversights.įor example, attorneys come across the basic concepts of child support and alimony on a daily basis and have a pretty good understanding how these work. They can be particularly helpful during periods of economic unrest such as when inflation is especially high or if the economy is in recession as the financial decisions you make tend to be magnified. Benefits of a financial advisor in divorceįrom expert insight on the short- and long-term impact of dividing property, to analyzing pension and retirement plans and helping draft a QDRO, to helping create a realistic budget and future spending plan, financial advisors can play a versatile role for anyone going through divorce. One of the most common experts retained in addition to an attorney during a divorce is a financial advisor to help oversee the intricacies of many aspects in a divorce settlement.įor those who do not already have their own accountant (which is probably most people), there is even a specific designation in the financial field, Certified Divorce Financial Analyst, for advisors who have completed education courses and passed an examination on the specific financial challenges that arise in divorce.ĭepending on your circumstances, this can be an extremely valuable person to have on your side. ![]() A recent Cordell & Cordell podcast explored the various types of experts that could potentially be utilized in a variety of family law cases. While an attorney is typically essential to have in your corner, there may be situations where you want to have more specialized professionals looking out for particular areas of interest. While there is no requirement to hire an attorney to represent you in your divorce, it is generally recommended since the process is so complicated that it can often be impossible to ensure your rights are protected without a skilled legal advocate on your side. ![]()
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