When a couple decides to end their marriage, one of the biggest issues tends to be property division. For someone to obtain an equitable outcome as well as to set up their finances for life after marriage, it's important that they understand the process. However, seeking the right assets for the right reasons is also essential.
This is where a financial adviser can be helpful. A financial adviser can assist people in determining which assets will help them most following a divorce. For example, liquid assets like cash may be better suited for someone than the marital home.
Another area where a financial adviser can be of assistance is in tracking down the assets and debts of a couple. In some cases, a person may attempt to hide property or accounts from a spouse during a divorce. While this may not be legal, if the divorce completes without these assets being divulged, someone may miss out on property that they had a right to. Financial advisers may be able to do the research that is required to find all property owned by an individual's spouse.
After the end of a marriage, people's financial situation is likely to be dramatically different from what it was when they were married. Along with no longer being able to benefit from two incomes, the couple's assets will have been divided. Further, a person may also be obligated to pay alimony to their ex-spouse. A lawyer can explain to a divorcing client what assets are liable to be considered marital property and then assist in negotiating a comprehensive settlement agreement that can be presented to the court for its approval.