The process of getting divorced can be tricky whether a person has been married for five years or for 50 years. After all, getting both parties to find common ground when dealing with divorce issues such as the splitting of assets can be tricky. A few experts can help with navigating this type of legal process in Bronxville.
First, it is important to get a financial advisor on one’s divorce team. This expert is the one who handles the splitting of stocks based on the instructions provided in a court-ordered plan. In addition, the financial advisor might recommend an annuity for making sure that child support and promised alimony payments are made.
Second, it is critical to enlist the help of an accountant. An accountant is responsible for reviewing several items, including insurance, homes, pension plans, 401(k)s, bonds and stocks. These items usually involve tax matters that a CPA must handle, such as determining a new cost basis, gains and losses and taxation. Not addressing these matters correctly may lead to an unwanted IRS audit.
Finally, an attorney is a critical part of a divorce team. With an attorney’s help in Bronxville, pursuing a fair share of assets and amicably addressing issues such as alimony may be possible through alternative processes to traditional divorce litigation, such as mediation and negotiation. If two spouses cannot reach a divorce settlement that benefits and pleases both parties, however, they will have to go to trial, where a judge will end up deciding for them how their particular disputes will be handled.
Source: bradenton.com, “Financial strategies to negotiate a divorce settlement“, Jim Zientara, April 17, 2017