Navigating any type of problem alone can be troublesome, but for those going through a divorce, especially a high asset divorce, going at it alone could result in overlooked issues and even financial mistakes. In addition, the emotions often involved in dissolution proceedings could cloud the judgment and decisions made by a spouse. Therefore, Ohio spouses going through a high asset divorce should consider involving a financial advisor in the process.
How could a financial advisor or a financial planner benefit a spouse during dissolution? One major benefit of having a financial expert aid a spouse in the divorce process is the ability to categorize assets and property. A high asset divorce often includes numerous assets and property and it could be challenging to determine if an item is considered a marital asset or personal property.
Moreover, a financial advisor knows where to look and could help uncover hidden assets. This helps the divorcing spouse avoid financial mistakes and could even help him or her avoid tax implications. Furthermore, addressing all finances during the divorce helps avoid post-divorce issues.
Lastly, including a financial advisor helps the divorcing spouses treat the process like what it is, a business deal. While emotions will exist, it is important to keep them out of the process so they can avoid unnecessary disputes and reach an amicable divorce agreement.
Dealing with finances can be a difficult task, but it can be especially complex during a divorce. Those struggling to sort through their assets and property in a high asset dissolution should consider their options. Whether they seek to include a financial expert in the process or not, it is important to address their rights and options in order to avoid post-divorce issues.
Source: Miami Herald, “Financial advice for divorce: It’s a business deal, so keep emotions out of it,” Julie Landry Laviolette, Feb. 28, 2014