Some Minnesota residents may find it helpful to hire a divorce financial specialist alongside an attorney and other professionals when they are going through a divorce. Even if the person already has a financial adviser, a divorce financial specialist can provide advice based on the specifics of the situation with an eye toward the division of property and how this will affect the person’s finances after the divorce.
In a high-asset divorce, this process of property division can be particularly complex. While a CPA may be able to offer guidance on tax issues and a financial adviser can assist by providing relevant information about the investment portfolio, a divorce financial specialist may be able to outline potential options for a settlement based on that information. In addition to suggestions about what to do with such assets as private equity holdings, the divorce financial specialist may be able to advise regarding the shared home, which can be one of the more difficult factors in a divorce.
Not every couple can reach an amicable agreement on property division through negotiations. A divorce financial specialist can also give expert testimony covering such topics as how certain settlement options will affect taxes and forensic accounting. This professional may also be able to continue assisting a person after the divorce in recovering financially.
There can be several advantages to reaching a settlement agreement outside of court. With more control over the final outcome, people may be able to better divide assets according to their personal preference. This can also be less expensive and stressful than litigation. However, people should go into negotiations with a strategy that helps them stay focused on the practical rather than the emotional. Otherwise, they may rush through the process or make concessions they should not because they want to get it over with quickly.