Divorce brings lots of new changes and situations. In almost every case, one of the most far-reaching changes is that of a new financial situation. Both parties must find a way to move forward without the financial support of the other spouse. Where there have historically been two incomes to help further the parties’ financial goals, now each spouse will need to make new provisions for attaining financial stability. The parties will also either need to come together to agree how to separate their marital assets, or they will need to go to a contested final hearing to allow a judge to separate the assets. While considering how best to approach the financial issues attendant to divorce, the parties may want to consider retaining the services of a Neutral Financial Expert.
A neutral financial expert is typically an expert that is retained by both you and your soon to be former spouse. The financial expert can help the two of you review a variety of different financial areas. These areas may include determining which pieces of property are marital or separate, tracing income to determinate what property is marital, or providing a proper valuation of a large asset, such as family business. The type of expert you and your spouse may want to consider hiring as a neutral financial expert will vary depending on the precise type of issue that needs to be resolved.
There are some potential drawbacks to attempting to use a neutral financial expert. One issue could be if even though you and your spouse agree to hire an expert, you may not be able to agree on precisely which expert to hire. If this is the case, you and your spouse could experience delays until the two of you are able to come to an agreement or, in some cases, go to court to have the judge make the decision for the two of you. Another drawback can be the expense. Whether hiring a neutral financial expert is actually worth the cost will depend heavily on the issues you seek to have resolved. For example, hiring a financial expert to trace a small inheritance of $3,000 could result in the costs for the expert being more than how much each party would stand to receive in the marital division of property.
There are many important financial issues involved in divorce. Call us today at (651) 371-9117 and talk to us about your divorce and how we can help you find solutions.