Many spouses approach their divorce with the expectation that their attorney can handle virtually every aspect of this legal process. Unfortunately, this is usually not the case, especially when spouses are dealing with complex estates with high-value assets. In order to unravel these complexities, spouses are often forced to enlist the help of a wide range of additional experts. These financial experts can help spouses handle some of the more detailed and nuanced aspects of a divorce, and in many cases, they are crucial if spouses want to walk away having achieved a positive outcome.
Spouses often argue over the true value of their marital assets. One spouse may have a vested interest in undervaluing the property in question. They may do this for tax purposes. On the other hand, spouses who have accepted one asset in a trade may undervalue this asset because they know they need to give something back of equal value. Whatever the case may be, independent property appraisers are often required to determine the true value of these assets.
Forensic accounts are often called upon when the financial details of a marital estate become very complex. For example, one spouse may believe that their counterpart is concealing assets or income. Perhaps this allegedly guilty spouse is very knowledgeable about finances, and they have used a number of sophisticated techniques to hide their true wealth. A forensic accountant can get to the bottom of things. These professionals may also be required if spouses have commingled separate and marital assets over the course of their relationship. A forensic accountant can “unravel” these assets and make sure that each spouse is getting their fair share.
Financial Advisors and Divorce Financial Analysts
A deal that may seem “fair” at face value may actually be incredibly problematic for one spouse. However, judges and lawyers may not see the truth of this. This is why spouses often rely on financial advisors and divorce financial analysts for advice during this legal process. Among other things, a financial advisor or analyst can determine the tax implications of various divorce arrangements. In some cases, a 50-50 split can be very unfair to one spouse, especially if they have to bear the brunt of the tax implications. Financial advisors consider the effects of divorce not only in the immediate future, but also 10 years down the road.
Vocational evaluators determine the ability of a spouse to earn an income. More specifically, they determine how much money they can earn based on their age, job skills, education, work history, and the state of their job market within the immediate geographic area. These professionals provide crucial assistance if one spouse decides to stop working or purposely take a lower-paying job in order to lower their obligations for child support and spousal support.
Retirement Plan Experts
The process for dealing with retirement assets during a divorce can become quite complex. This is why many divorcing spouses choose to enlist the help of retirement plan experts. These professionals can help spouses understand tax implications and other important details when dealing with these assets.