In the event of a divorce, both parties will be impacted financially by the results of their cases. Financial experts can help make sure that each party has a favorable financial outcome during property division, alimony establishment, and any other stage of the divorce process that involves the finances of the involved parties.
Here are five ways that financial experts can help with family law cases:
1. Identifying assets
Financial experts are able to use their expertise and resources to determine whether or no particular assets should be considered marital or nonmarital assets.
This will help ensure that parties are not forced to divide and lose money on assets that are nonmarital.
2. Determining alimony and child support
While ultimately a judge will create any alimony or child support orders, financial experts can assist by determining the true income of both parties. Sometimes calculating income requires more than just tax returns or financial statements.
Financial experts can gather the information necessary to calculate each party’s income and each party’s current standard of living so that a fair spousal or child support order can be established.
3. Valuing and dividing property and assets
There are some marital assets that are challenging to value and divide, like pensions and retirement or business goodwill.
In a divorce, involved parties are not always able to value and divide businesses as if the business is already dissolved or to determine how pensions should be calculated into future alimony payments. It can be complicated for people to make sure that the existing and future income from businesses is calculated correctly so that there is a fair division of assets and no double-dipping on either party’s end.
4. Assisting with trial
Financial matters within a divorce can be complicated. If a judge or members of a jury are not able to fully understand the financial information they are presented with while in court, it might not bode well for both parties in a divorce. Financial experts can help structure and explain this financial information and any finance-related exhibits in a way that makes it clear for the attorneys, jury members, and the judge presiding over a family law case. They can also use their expertise to help attornies develop depositions and useful cross-examination questions when challenging their opponent’s financial expert.
5. Handling taxes
Financial experts like CPAs who are well versed in property tax laws can help make sure both parties are able to divide assets according to their best interests come tax season. These individuals can make sure that their party avoids tax-traps and negative tax-related consequences during property division.
If you need help with a family law case, do not underestimate just how valuable a financial expert can be for your case. From offering advice about retirement plans and taxes to helping determine fair alimony and child support payments, a financial expert can make a world of difference when it comes to the financial impact of your divorce.