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Divorce financial specialists and the divorce process

On Behalf of | Nov 15, 2019 | High Asset Divorce

A divorce specialist may be helpful to some couples or individuals in New Jersey. This is a professional who has a background in areas specific to divorce, such as how to divide complex investments and the details associated with closely held business interests or private equity holdings. This knowledge can complement that of other professionals, such as an attorney and a financial advisor.

With couples, a divorce financial specialist can help during mediation or a collaborative divorce. One way a divorce financial specialist can be particularly helpful is in helping a couple determine how they should divide the home, one of the most difficult issues in a divorce. If a couple is unable to reach an agreement on a settlement, a divorce financial specialist can give expert testimony if necessary, discussing such topics as business valuation and forensic accounting.

Divorce can have a significant effect on a person’s finances, and a divorce financial specialist can help people determine the repercussions of various settlement options on their finances over the long term. They can also help with issues that arise once the divorce is final. This includes the actual process of dividing assets, rebuilding wealth and tracking childcare expenses.

A person who is going through a high-asset divorce may have a number of complicated assets to divide. When assessing the value of those assets, it is important to account for any taxes or other costs that could be associated with them. In New Jersey, assets are supposed to be divided equitably, which means they are supposed to be split fairly but not necessarily equally. Couples who are able to negotiate an agreement instead of going to court might want an arrangement in which each of them keeps certain assets instead of trying to divide all their property.