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The importance of financial planning in divorces

On Behalf of | Mar 3, 2016 | Uncategorized

When California residents are contemplating a divorce, they are likely to turn to a lawyer to help them understand what paperwork they need to file and how to proceed. They may also rely on their lawyer to assist them with their finances, but that may not always be the best idea, especially if a couple has complex or numerous assets.

Although lawyers may be able to help someone seek particular property during a divorce, they may not always be the best equipped to help people determine if this asset is one that they should seek. One frequent example of this is one someone wants to keep a family home and is willing to give up other, more liquid, assets to do so. Homes are frequently very valuable, but they also are very expensive to maintain, and someone may be better off taking cash or investments.

To help ensure that they are able to determine what assets will be most beneficial to them following a divorce, it may be a good idea for people to consult with a financial planner. A financial planner can help someone determine what property will be most valuable in the short and the long term, and an attorney can help seek these assets.

It is important to remember that during property division, there are some assets that may be excluded from the process. These items are most often ones that people owned before the marriage, but they may also include property that was specifically gifted to a person or an inheritance. Understanding what items are exempt from asset division can dramatically change the process and what someone retains after a divorce, and a family law attorney can provide guidance in this regard.