When you file for divorce, you must take a deep dive into your financial situation.
While not all situations require help from financial experts, some situations dictate that you hire this person to help ensure you get a fair outcome to your divorce settlement. Consider these:
You aren’t sure of your assets’ true value
Dividing marital assets can be complicated. In some situations, you must consider more than just the current face value of the item in question. Hiring a financial expert means you have someone who can help you determine the following:
- The tax consequences related to selling your home
- Calculating the value of and dividing your pensions and retirement assets
- Valuing family heirlooms or other high-value items
- Splitting investment assets equally and considering the tax implications of each
You need to find hidden assets
When going through a divorce, it is illegal for your spouse to attempt to hide assets from you. While this is true, it still happens.
For example, if your spouse owns a business, they may invest a large amount of money in it to avoid splitting it. Others invest in cryptocurrency, hide collectibles or invest in foreign accounts (as a few examples). Financial experts know where to look to find these hidden assets to ensure you get a fair share.
Your spouse manages your finances
Did your spouse make all the financial decisions? If so, you may not know what assets and liabilities you have. An expert will ensure you have a full picture of your financial situation to help you make more informed decisions.
Financial experts are helpful in many situations. Knowing your legal options and rights when it comes to marital assets will help you get a fair divorce settlement.