Getting Your Finances in Check After a Divorce

World statistics show that almost one million married couples seek divorce every year. This leads to a situation where assets and liabilities must be shared. This implies that couples must carry out a comprehensive analysis of their assets before divorce proceedings can commence. More often than not it is lawyers who lead proceedings for divorce and even provide financial analysis services. However, lawyers may not provide the best financial advice since they are not experts in financial matters. This therefore implies that a couple seeking divorce should procure services of a divorce financial analyst. A financial analysts provides consultancy services on different divorce areas such as child support and asset sharing. Here's a good read about financial planning for divorce Boston , check it out!

In case partners are in agreement, financial analysis and splitting of assets can commence prior to divorce proceedings. Notable though is that most couples often start such financial analysis after the matter has been disposed of in a court of law. Laws of different countries give directions on how splitting of assets and sharing of liabilities is done. For instance, jurisprudence in one country might have it that the couples seeking divorce split all assets equally. Such laws may be different in other countries.

Given that couples have agreed to share assets, they should then seek the advice of a financial analyst to guide them in how they will execute this. The same would happen where a Qualified Domestic Relations Order (Q.D.R.O) has been issued in court. This is a court's directive to one of the spouse to provide support to a child and share marital assets with the former spouse. There are professionals who handle such court orders. For instance in Boston Massachusetts there are financial analysts who have set up Q.D.R.O consultancy firms. You can click this link for more great tips!

Advice given by a divorce financial analysts covers different areas. Equitable sharing of family property is the first area covered by financial analysts. For equitable splitting of assets, valuation of family property is done as well as an analysis of the financial needs of the couple. Also put into consideration are tax obligations that will affect either party on the assets received. This is done since taxes paid on one property may be different from those paid on another.

Other areas covered by divorce financial analysts are in retirement and pension plans. This is important since if the couple had an ongoing family retirement or pension plan, then the plan needs to be split. Such splitting can only be done with the help of a financial analyst. The most important aspect that requires a divorce financial analyst is the area of child support. This is because many people find it difficult to quantify child support. Financial analysts use financial parameters like income, cost of living and prevailing financial situations to make determinations in relation to child support. This might be a contentious issue which if not handled properly can lead to multiple court cases. Kindly visit this website for more useful reference.