A divorce financial specialist can be a helpful addition to the professional team of some California couples who are ending their marriage. In particular, people who have complex financial situations or who are not well-informed about their marital finances might benefit from working with a divorce financial specialist.
Divorce financial specialists differ from other types of professionals in their focus on the ramifications of the divorce itself. This includes helping individuals or couples see what their different settlement options might be and the consequences, including the tax issues. They may also be able to advise on such complex assets as closely held business interests. One of the most difficult topics to address for some couples in a divorce is the marital home. It has emotional connotations, and people often do not fully understand the consequences of keeping it. A divorce financial specialist may help with this decision. They can also offer expert testimony if necessary if a couple cannot reach an agreement through negotiation.
Such a specialist can help with the aftermath of the divorce as well. This can include the actual process of dividing the assets as well as preparing a post-divorce budget and a recovery plan to rebuild investments.
Among the complications that can arise in dividing assets during a divorce are those related to retirement accounts. First, when looking at the worth of these assets, people should account for any taxes due on distribution. They should also follow any rules associated with dividing these accounts. For example, for some accounts, such as a 401(k), it is necessary to have a document called a qualified domestic relations order. Some couples may decide an easier approach to asset division is for each person to keep assets of roughly equal worth.