When you are going through a high-asset divorce, one of the primary concerns you have is making sure that you protect your finances. There are several things that can impact your financial future after a divorce, but they aren’t always easy to spot when you are dealing with the stress of the split. One mistake that some people make is failing to hire a financial planner to help them understand how various decisions will impact their future.
Some divorcing couples choose to use one financial expert for the divorce. While this might save money in the short-term, it doesn’t offer protections for you in the long-term. There are several things that can go wrong when you and your ex try to use the same person. One of these is that there will be miscommunication because the expert might assume that both sides have the same information when they really don’t.
A better option is to hire your own financial expert who can focus only on helping you to make the soundest financial decisions. Don’t fall into the mode of thinking that your divorce attorney has the skillset to help you make money decisions unless they have training as a financial planner.
Once your marriage ends, you can’t focus only on how a specific settlement will impact you now. You also need to look at the long-term implications of it. Find out if there are any factors that would make a specific agreement unfavorable to your future finances.
Having your own financial expert might also help you to unearth hidden assets like bank accounts or secret liabilities tied to assets, such as loans that you aren’t aware of that are against the marital home. Ultimately, your goal is to walk away from the split with a financial backing that’s beneficial to you.