Dealing With A Divorce: Why You Need A Financial Consultant On Your Side
Eleven states currently have marital property or community property laws. These laws contain provisions that require all marital assets owned by either spouse to be split evenly between both spouses during divorce proceedings, regardless of which party brought the assets into the marriage or earned the funds in question. If you are facing a divorce or are currently embroiled in divorce negotiations, you need a financial consultant on your side to help you protect as many of your assets as possible from division with your former spouse.
Consult a Divorce Attorney
You obviously will need to consult a divorce attorney, and you have likely already done this. Your attorney will gather the facts of your case and let you know what the laws are in your state with regards to the division of marital assets and what you are required to give your former spouse. Since the laws on divorce and property division vary from state to state, your attorney is an expert source of valid information for your particular state. Your attorney will also fight to keep as many of your assets in your hands as possible.
Speak With Your Financial Consultant
Many people don't realize that the services of a financial consultant are not only invaluable throughout your life, they can also be invaluable during a divorce proceeding. Your financial consultant will assess all of your assets. Your financial consultant will help you structure your accounts and direct all incoming funds to the proper accounts to protect them from division with your former spouse. Your financial consultant can also work with your divorce attorney to legally shelter assets and protect them from division during the divorce.
Separate Assets According to Law
Once you have spoken to your financial consultant and your divorce attorney, and you have a handle on your financial situation and how much you have to give your ex, your financial consultant can help you separate your assets and ensure that you get funds and other property to your ex in a timely manner. In some cases, especially with a very contentious divorce, it can be beneficial to have someone else transfer the assets to you.
It is important to retain the services of the appropriate professionals when you are going through a divorce. This includes attorneys, financial experts, and even tax experts, as your tax situation will likely change after the divorce. Divorce is stressful, but having a team of professionals on your side can reduce some of your stress.