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3 instances when financial experts are needed in a divorce

On Behalf of | Sep 13, 2022 | Divorce

Divorce requires a detailed analysis of a couple’s financials.

While not all couples need financial experts, there are some circumstances where a professional can benefit you.

1. When your assets are worth more than face value

Division of marital assets is sometimes a complicated process. Sometimes you need to consider more than the current value of an item. A financial expert may help you with:

  • Determining the tax consequences of selling your home
  • Splitting investment assets equally, and the tax implications for each type of asset
  • Valuing family heirlooms or expensive collectibles
  • Calculating the value of and dividing retirement assets and pensions

2. If you suspect your spouse has hidden assets

It is illegal for one spouse to hide assets from another during a divorce. However, some people do not want to share what they believe is theirs. Sometimes business owners may invest large sums of money into their company to prevent splitting the profits. Others may invest in foreign accounts or cryptocurrency or hide high-valued collectibles. A financial expert knows where to look to ensure you receive your legal share of these assets.

3. When one spouse manages the money

If your spouse made all the financial decisions in your marriage, you might not know what assets or liabilities you have. Even if your spouse is not hiding any assets, it is not easy to make informed decisions without a clear understanding of your marital finances. A financial expert can ensure you understand your full financial situation to help you receive a fair share of assets, debt and adequate spousal support.

Having a firm understanding of your marital assets and debts is important to reach a resolution, or to properly present a case for court determination. If you do not have a clear picture, a financial expert can help you attain that understanding.