Affluent couples seeking divorces in Ohio will have to negotiate a financial settlement. People with many assets, such as family businesses, real estate and securities, could discuss their finances and explore settlement options with a financial adviser trained to deal specifically with divorce. Both former spouses might choose to engage a divorce financial adviser jointly as they mediate their divorce, or individuals could hire an adviser for guidance when navigating major divorce decisions. Someone who did not have a hands-on role with finances during a marriage might especially benefit from a professional’s analysis of the situation.
Divorce financial advisers typically understand state family laws that influence the division of property as well as tax consequences. These advisers can calculate current valuations for marital assets, including private equity holdings, and suggest approaches to dividing the assets. Their analyses could show former spouses how various settlement approaches might influence future income.
Divorces that end up in litigation might also call upon divorce financial specialists as expert witnesses. Their testimony about forensic accounting or business valuations important to the settlement might guide a judge’s decision about how to divide the marital estate.
A divorce financial adviser might supplement the services of an attorney because a high-asset divorce often involves multiple professional services. As a person comes to terms with a former partner, an attorney may draft the documents necessary to complete the divorce settlement and file necessary court paperwork. If emotions are running high during negotiations, an attorney might act as a buffer between the parties and strive to keep conversations focused on substantive details. In some cases, litigation might emerge as necessary to defend a person’s long-term financial interests, and an attorney may work to advance the person’s agenda in court.