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Consider specialized financial planning in a divorce

On Behalf of | Mar 11, 2020 | Divorce

In an Arizona divorce, there are numerous complex financial issues that may arise. Not only can these matters be ongoing during the divorce, but they can also emerge years down the line after the agreement is long signed. For that reason, people going through a divorce should consider hiring a financial advisor whose practice is specifically geared toward divorce.

There may be unintended consequences of a divorce agreement that could have income tax ramifications. Alternatively, some assumptions that are made today could change tomorrow if certain events happen. Either way, the parties need to be prepared for what will happen and what could happen. This is where the experience and knowledge of a specialized financial professional may be helpful and necessary.

In addition, a divorce will trigger numerous filing and paperwork requirements. Things such as beneficiaries need to be updated and other ownership records changed. Those in the middle of a divorce may struggle with being able to anticipate issues and staying organized. A certified divorce financial planner can help the parties understand their paperwork obligations and what may change. The divorce settlement must plan for every occurrence both known and even unknown. If something arises years in the future, the agreement may be ineffective in helping to handle the situation.

A family law attorney may work closely with the certified divorce financial planner to both discuss issues and then tailor the settlement agreement to address them. The financial planner might make an attorney even more effective because they are prepared to handle every issue in a meticulous fashion. Parties have one chance to get a divorce agreement right at the risk of having to deal with issues in the future long after the ink on the agreement is dry, so extra help now may mitigate future problems.