Divorce can present serious financial issues for both spouses. During a marriage, the spouses pool resources and work together to keep the household running. However, after divorce is over, the two spouses will have to learn to reorganize their finances, restructure their budget, and run their household alone. Financial decisions made during the divorce have the potential to impact your life for years to come. Accordingly, it is essential for you to have all the information necessary to make an educated decision about a settlement agreement or an appropriate argument to the court if a settlement is not possible. In some cases, a neutral financial expert can equip you and your spouse with the proper information needed to move your case forward.
A neutral financial expert is an expert that you and your soon to be former spouse retain together. The advantage of sharing the same expert is that it reduces conflict that can arise when each spouse hires a competing expert. In addition, it reduces costs, as the parties typically share the expenses for the neutral expert, as opposed to each having to pay all of the costs for their own respective expert.
A neutral financial expert can be one of many types of experts. Most commonly the expert will be a Certified Public Accountant of a Certified Financial Planner. In many cases, the financial neutral may also be a Certified Divorce Financial Planner, which means that the expert has additional training to assist with specific divorce related financial issues.
One thing a neutral financial expert can help with is property division. The financial expert can help provide insight into the financial repercussions of dividing certain assets, and provide alternative suggestions to simply cashing or selling an asset and dividing the proceeds. A financial expert can also help you and your spouse analyze your budgets. An accurate budget is essential to making sure you can cover important debts you may be allocated after the divorce, such as a mortgage or car note. Finally, the financial expert can talk with you and your spouse about the potential tax implications of your divorce, including those from real estate, investment accounts, or support payments.
If you have questions about whether you would benefit from using a neutral financial expert in your divorce, call us today. We can talk with you about case and your goals.
Are you interested in seeking an annulment? If so, contact Williams Law Group, LLC right away. Our family law attorneys will review your case to determine if an annulment is an option. If it is, we will guide you through the process and ensure you make the best decisions for your future. Call our office at (908) 738-8512, email us firstname.lastname@example.org, or contact us through our confidential online form to schedule a consultation Download our Free Resource Guide today