Divorce is one of the most stressful life events. Emotions run high while important decisions must be made. The couple are trying to figure out how to support two households on the income they previously used to support one. Retirement plans and savings accounts must be divided.
A neutral professional financial consultant can assist with this process. Family law attorneys often call on a financial professional to help work with their clients so the divorcing couple can come to decisions that are informed and they both believe are fair.
How a Neutral Financial Professional Helps
Certified Public Accountants (CPAs) and financial advisors have a background, education, and training related to finances, whether they are working with businesses or divorcing couples. Each professional has their own area of expertise.
For example, a CPA may be the best professional to help a couple understand the tax consequences of dividing retirement plans, savings accounts, and more.
A financial advisor may be the best professional to help couples who have a vast investment portfolio. The financial advisor can discuss with them the best way to divide the portfolio in the fairest way that will protect the financial future of both spouses.
Each issue will depend on whether the financial neutral should be someone with a background in tax or a background in financial consulting. There are some scenarios in which both are needed.
Using a Neutral Financial Professional in the Divorce Process Saves the Couple Money
One common concern divorcing couples is how much the divorce is going to cost. Using a financial professional is less expensive than the hourly rate of their divorce attorney. As some have said, “It’s the right professional at the right price at the right time.”
The attorney has an expertise in most areas of family law. The financial professional has expertise in financial issues and will spend less time working out the financial details than the attorney whose expertise in legal issues.
For more information about how a neutral financial professional can economically assist you during the divorce process, contact us at Heberger & Company, An Accountancy Corporation. You can also call 559-227-9772.
From the Blog
Divorce: Tax Refunds and Stimulus Checks
A question often arises as to how to handle tax refunds and stimulus checks received while a married couple is going through the divorce process. These government funds generally come by way of direct deposit. The account which receives the deposit depends on the way the taxes were filed. Married Filing Jointly If the most recent tax return was “married, filing jointly,” the account listed … [Read More...]
Get in Touch
