Dividing marital wealth is among the most important aspects of any Florida divorce. For many spouses, it is also the most stressful part of the divorce process. Fortunately, there is help available when working through various property division decisions. A Certified Divorce Financial Analyst can help spouses make the best possible decisions when it comes to their unique set of divorce needs.
When dividing assets, there are a number of considerations that must be taken into account. Different asset types have very different tax ramifications. Failing to understand how one’s tax obligations will change based on different settlement options is a common mistake, and one that can be easily avoided. In addition, some assets are more liquid than others, making it easier to gain access to funds if the need should arise.
Another reason to consider working with a financial advisor is to gain assistance in creating a post-divorce budget. Understanding how one’s monthly expenses will look once the divorce is final will assist in the decision-making process. For example, a spouse who will have a high degree of financial stability after a divorce can afford to pursue assets that are not easily accessible now, but are likely to hold considerable value in the years to come, such as real estate.
By working with a financial advisor who specializes in divorce, Florida spouses are able to tap into a resource that may have been previously unavailable. That can make it far easier to navigate the decisions that must be made during the property division process. In addition, having the guidance of a pro can also reduce the stress of going through a divorce.
Source: CNBC, “Headed for divorce court? Here are your top 5 financial musts“, Andrew Osterland, Dec. 22, 2016