In many marriage relationships, one of the partners is the one who primarily handles the finances. When a couple divorces, this can cause the negotiation process to become stalled in emotion as the spouse who is less informed struggles to understand their financial situation. At Hoffman Divorce Strategies, we are financial professionals that attorneys rely on to help the less financially informed spouse understand their financial situation and are experienced in advising all clients on the short and long-term financial effects of a proposed settlement.
Main Responsibilities of a Financial Professional During the Divorce Process
Financial professionals can provide litigation support to the lawyer and their client in a traditional divorce situation, work as a couple’s mediator, or can become part of a collaborative divorce team. They are charged with the responsibility of:
- Helping a client or couple determine how they will meet financial needs of the children. Where will they live? How much money will be needed to pay for their education? Medical care? Childcare for younger children? What additional concerns are needed if any of the children have special needs? How will their financial needs be met?
- Valuing the community, assisting with quantifying marital and separate property and reimbursement claims.
- Identifying both short and long-term effects of property division on each party.
- Planning for and minimizing taxes paid on the settlement of property or
- Analyzing issues relating to pension and retirement plan division, and assistance with specialized language needed for Property Partitions and the preparation of Pension Division Orders. For more information follow the link to HoffmanDivorceStrategies.com
- Helping to prepare a budget for interim and permanent support as well as for after the divorce.
- Determining what will happen if a paying ex-spouse dies?
The goal is to make the best financial settlement for each party, so that both feel the financial professional helped them negotiate the best agreement under their financial circumstances. It is also important for both parties to understand how financial decisions they make during this process will affect their financial future.
Whatever the method of divorce chosen by the couple, the financial professional still performs the same duties, acquires the same information, analyzes the financial implications of potential settlement agreements, and works to determine a settlement considering the couple’s present financial situation and what that will look like in the future. If litigation is a possibility, confirm that your financial professional can testify in court as an expert witness.
At Hoffman Divorce Strategies we individualize services depending on the resources and needs of the couple and the divorce process they have chosen. For more information and to discover how a financial professional can help you, contact us to arrange for a consultation.