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What a divorce financial specialist can provide

Some people in Illinois who are going through a divorce might want to consider adding a divorce financial specialist to their professional team. A divorce financial specialist can bring expertise to matters specifically relating to divorce that other financial professionals may not be able to provide.

For example, a divorce financial specialist can work with a couple during mediation or collaborative divorce. The home is often a particular area of contention in a divorce, and a divorce financial specialist can help them explore the ramifications of various options. If the couple cannot reach an agreement, a divorce financial specialist could be called on to give expert testimony on topics such as forensic accounting or what kind of taxes various settlement options might incur. A divorce financial specialist may also work with just one individual during the divorce. If the finances are particularly complex or the individual has not had much input into the marital finances, this could be particularly helpful.

People often do not understand the long-term financial consequences of a divorce settlement, and a divorce financial specialist can make this clear. They can also assist with finances in the aftermath of the divorce. This may include tracking child-related expenses, paying estimated taxes and making a budget or a plan to rebuild wealth following the divorce.

A high-asset divorce can introduce a number of complications into the process of property division. For example, if one person owns a business, it is necessary to determine what share of the property the other spouse can claim unless there is a prenuptial agreement or an agreement that allows the owner’s partners to buy out the owner’s share. Even a spouse who did not work for the company may have made it possible for the owner to build up the business by caring for the home and children.