When couples living in Texas decide to end their marriages, finances are often a primary consideration. This is particularly true when the couple has a high net worth. In some cases, it may be advisable for both spouses to retain advice from financial specialists.
It is not unusual for couples of more modest means to rely on the advice of their respective attorneys when it comes to a financial settlement. Spouses with more wealth may also opt to hire certified public accountants to assist in determining tax liabilities. In a high-asset divorce, however, there may be a need for an even deeper level of specialization.
A divorce financial specialist is, ideally, a certified financial planner or CPA who has completed a rigorous certification program, such as is required by the Certified Divorce Financial Analyst (CDFA®) credentialing program. These professionals are qualified to work with a person’s current divorce team to provide an in-depth understanding of what is going to happen to an individual’s finances after a divorce.
This kind of knowledge and specialization is often critical. While attorneys understand the legal aspects of divorce, and a CPA may be able to advise on short-term tax and investment information, a divorce financial specialist can consider the ramifications of a particular financial settlement over the long term. Armed with this knowledge, a divorcing spouse and his or her lawyer may be able to negotiate asset division and support payments in a way that will protect his or her lifestyle and financial health.
Individuals who are considering divorcing may wish to first consult with an attorney before hiring other professionals. A lawyer may provide a client with information about current laws and what will happen during the divorce process. From there, an attorney can work with other professionals to ensure an equitable resolution.