How a divorce financial specialist may be helpful

On Behalf of | Nov 15, 2019 | Family Law | 0 comments

A divorce financial specialist may be able to help some Oregon estranged couples understand how ending their marriage will affect their finances and the implications of various settlement options. Alongside an attorney and other professionals, a divorce financial specialist may be particularly helpful when the financial situation is complex or for a person who has had little involvement in the marital finances.

Other financial professionals may take different roles, such as providing information on past and present taxes and investments. However, a divorce financial specialist can provide advice specifically in the context of the divorce itself. Divorce financial specialists may work with individuals, but they can also work with couples going through mediation. Another role they may play in a divorce is offering expert testimony about the tax implications of settlements, business valuation and other complicated financial issues.

Divorce financial specialists can make suggestions about what to do with the shared home, which can be a particular focus of emotions during the divorce process. They can also be helpful after the divorce is final. They can work with people through the division of assets and assist them in budgeting for child-related costs. They can also help a person adjust to a new financial picture after the divorce and can assist in a plan for financial recovery.

Other financial issues that may come up during the divorce process are those around child and spousal support. Child support is usually paid by the noncustodial parent and is based on several factors including income. One spouse who makes significantly more than the other may also be required to pay support to that person. This support is usually not permanent. It may only be for the period of time it takes for the other individual to finish education or training and enter a new, better-paying line of work.