Financial ramifications of a divorce

An attorney may not be the only person California residents need on their side during a divorce. It may also be a good idea to hire a financial adviser as part of the divorce settlement team. Financial advisers may be able to find hidden assets or explain the true financial value of a given asset both today and in the long run.

For instance, obtaining the family home in exchange for a portion of an investment portfolio may seem like a good idea. However, the home needs to be maintained and carries insurance and other recurring costs. At the same time, the investment portfolio may grow to be worth much more than the home several years from now. Financial advisers can provide the perspective that an individual may need to make the right decision as it relates to dividing marital property.

While an attorney may be able to help with legal issues related to the divorce, a financial adviser has a different type of background. They can help people understand and quantify their long-term monetary needs. They may also be better qualified to talk about issues such as saving for retirement or for a child's college education.

Prior to filing for divorce, it may be worthwhile to talk to a family law attorney. Legal counsel can be a valuable asset in many stages of the proceeding. There may be issues such as alimony or child support that are in flux in a particular state. An attorney can also be of assistance in negotiating a comprehensive settlement agreement that covers the applicable divorce legal issues and which can be presented to the court for its approval.

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