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Types of financial experts that may be needed in a divorce

On Behalf of | Oct 10, 2022 | Divorce, High Asset Divorce, Property Division

People build their lives and their finances together during a marriage. The couple is able to share in the finances the couple earns and acquires. Couples often make financial decisions based on what is best for the two of them and not just what may be best for just one. If the couple divorces, they will need to divide their assets and their shared lives, and this can be a complicated matter.

Financial experts that people use in divorce

Property division in divorce may require the couple to hire appraisers to determine the value of real property, business interests, collectibles and other assets.

Parties going through a divorce may also need to have forensic accountants analyze financial accounts to determine if one spouse may be hiding assets. Forensic accountants can also trace non-marital assets through various accounts to ensure that a spouse is able to retain all of their non-marital property.

People also may need to use financial experts who can carefully analyze property division proposals to determine if there is something that makes a particular offer unfair. For instance, one proposal may carry hidden costs such as tax implications that will reduce the actual amount one or both spouses will receive in the settlement.

In Florida, couples going through a divorce need to divide their property equitably. However, in order to determine whether a division of assets is equitable, people need to know the value of all their marital property.

They also need to know exactly which assets are non-marital and which assets are marital and also know any tax consequences they need to consider. This may require the use of various experts. Experienced attorneys understand what is needed and may be able to guide one through the process.