Divorce is a complicated process no matter the circumstances, but certain factors make it even more complex. One of these is having many valuable marital assets. Dividing these is not easy and requires extra effort to produce the best outcome for both parties.
As you prepare for a high-asset divorce, you should consider putting together a special team of financial professionals to assist your attorney. These are three you may find helpful to your situation.
1. Certified divorce financial analyst
Divorce has a major impact on your finances. The purpose of a CDFA is to help you make smart money decisions during the divorce process and plan for your future to avoid financial challenges later on. The person may look at the best ways to divide property and the effects they will have on taxes and retirement. He or she may also help you formulate a budget for post-divorce life.
2. Forensic accountant
Do you think your spouse is hiding assets? You may want to hire a forensic accountant to dig around for you, as well as review financial documents to determine income, classify property and uncover discrepancies in records. You do not want any surprises that lead to you getting an unfair settlement, including more debt than you bargained for. A forensic accountant will also have insight into tax implications and division of complex assets but does not do long-term planning like a CDFA.
3. Business valuator
When you have a business, whether it is only yours or in both your names, you need to have a valuator assess the true worth of the business. The valuator comes up with the fair market value based on numerous factors. This process ensures proper handling of the business in your divorce.
Do not underestimate the benefits of having strong financial representation in your divorce case. Doing so can protect your wealth now and in the long run.