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How a divorce financial specialist may be helpful

On Behalf of | Nov 14, 2019 | Divorce |

There may be advantages for some people in Illinois in engaging a divorce financial specialist during the divorce process along with other legal and financial professionals. Divorce can have a significant effect on a person’s finances over the long term, and people may not always understand the ramifications of the financial settlement they are agreeing to. This can be particularly true for people who have not been very involved in the family finances.

A divorce financial specialist may be a CPA or have other financial certifications, and they can be useful even for people who have a financial advisor. This is because the divorce financial specialist can help project the outcome of various types of settlements and can analyze complex assets such as private equity holdings and closely held businesses. The home often becomes a particular area of contention in a divorce, and a divorce financial specialist can help with this as well. They can work with couples or with individuals. They can also provide expert testimony when necessary if there are financial issues the couple cannot resolve.

Divorce financial specialists can help people prepare for the aftermath of divorce. This includes tracking costs related to childcare or working out estimated taxes. They can also assist in creating a new budget that focuses on financial recovery after the divorce.

Even couples who have less complex financial situations may own a home and a retirement account, and these assets alone can present complications. For example, many people do not fully consider the cost of maintaining a home on a single income. However, selling the home might mean paying for repairs and renovations as well as upkeep until it sells. The process for dividing retirement accounts varies according to the type of account, and it is important to understand whether there will be taxes on distribution.