When a spouse files for divorce, it is likely their first time going through the process. Even if it is not their first dissolution of marriage, their current divorce could present new issues that did not exist the first time around. Finances are often a cause for disagreements, as property division is one of the most contentious divorce issues. As such, it can be challenging to navigate the property division process without the aid of a professional.
A divorce often requires more than the assistance of a legal professional. In some cases, a certified divorce financial analyst may be necessary. The purpose of this professional is to help a divorcing spouse navigate their finances so they may reach an equitable settlement.
If a spouse did not handle the finances or only managed a portion of the finances, they may not be fully aware of their financial situation. Thus, one is often unsure of where to look or what questions to ask.
Reaching an equitable distribution
A financial analyst can help a divorcing spouse ask the right questions and look in the correct places in order to uncover the marital property in its entirety. This not only includes known and unknown assets but debts as well.
Once the assets and debts are assessed, a financial analyst can help assess tax implications. This can help determine various ways of distributing marital assets. In the end, this can help you determine which financial settlement is ideal for you.
While it is an equitable division state, it can sometimes be challenging for you to know what equitable means. And if all assets are not uncovered, equity cannot be reached. Thus, understanding what professionals can help you along the way during a divorce can help protect your rights and interests throughout the entire process.