divorce financial analyst
Divorces and Financial Planning: A Guide
Close to one million marriages in the world end up in divorce every year as established by world statistics. With divorce comes sharing of assets and liabilities. This therefore means there is need for serious financial analysis of marital assets prior to signing for a divorce. In most cases, divorce proceedings including financial analysis is done by family lawyers. However, lawyers may not provide the best financial advice since they are not experts in financial matters. This means that a couple should seek advice from a financial analyst on financial aspects of divorce. A divorce financial analyst gives crucial financial advice for divorce that covers areas of child support and asset sharing among others.
Financial analysis can start before divorce proceedings if the couples agree on it. Notable though is that most couples often start such financial analysis after the matter has been disposed of in a court of law. Orders on splitting of assets and sharing of liabilities differ from one country to another depending on laws of the land. For instance the law of a country may direct that family assets are split equally among the two partners. This might not be the same for other jurisdictions. You can go to this site http://divorcefinancialsolutions.net for more great tips!
If couples agree on sharing of assets it is then prudent to seek a divorce financial analyst to lay down modalities of doing so. The same applies where a constitutional court issues a Qualified Domestic Relations Order (Q.D.R.O) to the couples. A Q.D.R.O is a court order that directs a person to provide child support as well as share family assets with the former spouse. There are professionals who handle such court orders. For instance in Boston Massachusetts there are financial analysts who have set up Q.D.R.O consultancy firms.
A divorce financial analyst offers financial advice on different areas. Equitable sharing of family property is the first area covered by financial analysts. To achieve this, financial analysts do asset valuation as well as analysis of financial needs of each partner. Also put into consideration are tax obligations that will affect either party on the assets received.
This is done since taxes paid on one property may be different from those paid on another.
Retirement plans as well as pension schemes are other areas covered by divorce financial analysts. This is important since if the couple had an ongoing family retirement or pension plan, then the plan needs to be split. Such splitting can only be done with the help of a financial analyst. Child aspect is one of the most important areas where a financial analyst is required. This is because many people find it difficult to quantify child support. In trying to quantify child support, cost of living, income generation and economic conditions in the country are considered. This is a very delicate issue during divorce proceedings and can lead to endless disagreements if services of a divorce financial analyst are not sought. Take a look at this link https://en.wikipedia.org/wiki/Financial_analyst for more information.