In our previous post we discussed the need to treat a divorce like a business negotiation to make sure that your financial interests are preserved in the divorce negotiation process. In addition to hiring an experienced New Jersey divorce attorney to help with the property division process and child custody aspects of a divorce, two other types of professionals may be necessary to build a winning divorce team.
Depending on your individual situation, a divorce attorney may retain or recommend therapists or financial professionals. Therapists and counselors may help you handle the emotional toll a divorce can take whereas there are various financial professionals who can assist your attorney in achieving a financial outcome that suits your goals and desires.
One type of financial professional that your divorce attorney may hire is a divorce financial planner. The divorce financial planner should work directly with your divorce attorney and can help the attorney perform tasks that require financial expertise. These tasks can include preparing financial affidavits to projecting the tax implications of a divorce settlement option. The divorce attorney will use the financial planner’s analyses and projections to bolster any positions during the negotiation process.
Divorce attorneys may also use forensic accountants during a divorce proceeding. A forensic accountant is useful if you are worried that your spouse is not forthcoming about the true nature of your marital financial picture. Forensic accountants can uncover hidden assets and liabilities and are very important when one or both spouses are involved with small businesses or investing.
Finally, your divorce attorney may seek the help of valuation experts and real estate appraisers to determine the true value of the assets that the forensic accountant uncovers. A valuation expert can determine the value of stock options and businesses and a real estate appraiser can appraise your primary residence and any other properties you may own.
All of these professionals will work together with your attorney to make sure that your divorce has the best emotional and financial outcomes so you can successfully transition to the next part of your life.
Source: Forbes: Divorce Dollars and Sense, “The Secret to Surviving Divorce with Your Finances Intact,” Jeff Landers, 5/17/11
