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The role of a divorce financial specialist

On Behalf of | Nov 13, 2019 | High Asset Divorce

Some people in Houston who are going through a divorce may want to hire a divorce financial specialist in addition to an attorney. The decisions made during a divorce can have long-term financial implications, and a divorce financial specialist can work with couples or individuals to help them understand what those implications are.

A divorce financial specialist may be a CPA or have other certifications and will understand many of the more complex issues, such as the tax ramifications of divorce-related financial arrangements. Even people who already have a financial advisor may want to work with a divorce financial specialist since this is a professional who has specific experience in the various options for settlement in a divorce. This can include helping a couple or individual decide what to do with the home in a divorce since this is often an area of misunderstanding and contention.

A divorce financial specialist can help predict what effect various types of settlements will have on future finances and can help mediate between couples who are trying to settle out of court. They can also provide expert testimony when forensic accounting, business valuation and similar issues arise. If one person is less informed about the family’s financial situation, that person, in particular, may benefit from the assistance of this type of professional.

Among high net-worth couples, there can be many other financial complications during property division. Since Texas is a community property state, if one person owns a business, the other spouse may still be able to claim as much as half of it. Couples may have assets that are difficult to appraise, such as art collections. Each spouse might bring in an appraiser with wildly different figures, and this can delay the divorce significantly. However, despite these difficulties, even financially complex divorce cases may be settled out of court.