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Protect and rebuild wealth with a divorce financial specialist

by | Nov 12, 2019 | High-Asset Divorce |

A divorce financial specialist may be a useful professional for some Arizona couples to work with during a divorce. In particular, people with complex assets or who are unfamiliar with the marital finances may benefit from their expertise. This can include experience with such topics as forensic accounting, business valuation and the tax implications and long-term financial effects of divorce settlements.

Knowledge of these divorce-related matters mean that a divorce financial specialist can complement the services of other financial professionals, such as a financial adviser. For example, a divorce financial specialist may be able to help a couple decide what to do with the shared home, often a focus of strong emotions and acrimony in a divorce. They may work with individuals or couples, or they might offer expert testimony if there are issues a couple cannot resolve.

Divorce financial specialists can assist with the financial aftermath of divorce as well, helping people find a way forward. They can work with people in dividing assets and help them track child care costs as well as assist in creating a budget and a fiscal plan for life after divorce. This could include looking at how to rebuild wealth.

For a wealthy couple, there may be a number of complexities involved in dividing assets, particularly since Arizona is a community property state. This means that marital property is supposed to be divided equally although this does allow some flexibility. However, if one person has a business, the other spouse may be able to claim part of it. Some wealthy couples may collect art, which can be notably difficult to accurately appraise. This can lead to delays in the divorce if each spouse hires an appraiser and they come up with significantly different values.