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The importance of financial knowledge during divorce

| Feb 26, 2016 | Divorce

A Minnesota resident does not need to be a financial expert to successfully emerge from a divorce. However, it may be worthwhile obtain the services of a financial adviser to ensure that grave errors are not made during property division and other financial discussions. Although this might seem like an unneeded expense, failing to secure reliable financial insight could be more costly in the long run.

In some divorce cases, spouses will share a single financial adviser to minimize costs. However, a single party might have a difficult time remaining impartial. If one party is favored during discussions, the other could end up facing devastating financial consequences long after the divorce decree has been formalized. For example, a family home might appeal to a custodial parent who wants to keep some familiarity in view for the children. However, a lack of awareness of equity loans or liens could leave that party in dire financial straights in the future. Having one’s own financial representative ensures that all relevant details will be considered so that negotiations are based on a clear understanding of the costs to maintain a home or to cash in certain assets.

Many people wait until financial problems arise after divorce to seek insight. However, discussing one’s status with a financial professional prior to beginning the divorce process can minimize the risks. A financial adviser may also provide wisdom related to tax issues that will become relevant after custody has been determined.

A lawyer may provide recommendations related to locating a reputable financial professional to work with while negotiating a divorce settlement. Additionally, a lawyer may use financial information provided by such a party to formulate a strategy for helping a client to obtain certain assets or agreements during the process.

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