When you divorce your husband or wife in California, the financial implications of the split may impact you for years or even decades to come. If you have considerable assets or significant concerns about how the financial ramifications of your divorce might impact the rest of your life, you may want to add a financial advisor to your divorce team.
Per U.S. News and World Report, a divorce financial advisor works somewhat differently than a traditional financial advisor. While a traditional financial advisor helps you formulate a financial plan, a divorce financial advisor makes efforts to ensure you get your fair share during asset division. So, how might a financial advisor help you as a member of your divorce team?
By outlining the tax implications of property division
Your tax picture is going to look quite different when your marriage ends. A financial advisor should be able to help you plan for the tax changes you are going to face so that you do not encounter an unpleasant surprise when it is time to file.
By making financial projections for your future
A divorce financial advisor may also help you make projections for the future to see how you might fare financially. He or she may rely on special software to do so, and this may help determine whether your proposed divorce settlement is fair.
By finding and valuating hidden assets
A divorce financial advisor may also help you cover your bases in terms of finding assets your ex might be trying to conceal – and placing a value on them.
While these are some of the ways a financial advisor may help you in your divorce, this is not an exhaustive summary of all the efforts he or she might make.