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Why Is A Financial Planner And Tax Consultants Important To Consult During A Divorce?

November 6, 2017

 

Why Is A Financial Planner And Tax Consultants Important To Consult During A Divorce?

 

Hiring a good financial planner and a tax consultant working exclusively for your needs can be the difference between a good settlement and a total disaster. Ideally, you should appoint a financial planner even before you hire a divorce lawyer. Any settlement could be positively influenced when you have a complete understanding of your household's finances. In most divorces, many couples make the mistake of hiring personal lawyers but shy away from hiring personal tax consultants and financial planners. If you do so, you can lose much more than what you have bargained for.

 

The problem is that majority of people ask for financial advice only after they get divorced. By the time they do that, things have already gone awry. Making such mistakes are easy. The divorce procedure can be an overwhelming one, with stress lurking at every corner. No wonder people loath to add any other new detail to this mess. They avoid the hiring of a financial adviser to rely on a tax accountant or lawyer to separate assets. The spouse taking custody of children will frequently push for home ownership as the marital residence can provide continuity and have an emotional attachment for the couple's kids. Due to this, one spouse may get the residence and the other may get more liquid assets.

 

The problem starts when the spouse who got five million in blue chip equities enjoys an increase of their values and their dividends, while the other spouse -who got a five billion home- ends up with considerable maintenance expenses, upkeep and insurance payments. When you hire a financial planner and tax consultant, these instances can be minimized or made absent.

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