The ramifications of a Texas divorce can be significant, especially financially. This is true with any divorce, but it is more prominent in a high-asset divorce. Navigating finances can be a contentious factor. The parties should be cognizant of how to address their concerns. In certain cases, a divorce financial specialist can be of assistance.
Before using a financial specialist, it is important to know what function they serve. Technically referred to by the term Certified Divorce Financial Analyst, this person should have experience in high-asset divorces. They know the rules of asset division and the complexities of compensation. They might have other levels of education such as being a Certified Public Accountant.
While it is always important to have a divorce attorney, there are parts of a case that might go beyond the attorney’s areas of expertise, particularly with substantial financial considerations. A financial specialist can help with areas like how to address a business, private equity or a high-value family residence. The financial specialist can be neutral in the case if there is a collaborative divorce or mediation. Helping one of the parties in a divorce case is also possible and may be imperative when that person is not as well-versed financially as the other. If there is an ongoing dispute, the financial specialist can give expert testimony.
Even as the divorce nears its conclusion, the specialist can help with issues like how the future finances will be impacted by the settlement. That includes taxes, asset division, child support and a financial plan for the long term. When getting a divorce, it is vital to assemble an effective team. For that, the first step toward a satisfactory outcome may be calling a qualified divorce lawyer to assess the case and move forward.