The financial aspects of divorce can get complex quickly. If you are planning to divorce, or if a divorce has been planned against you, a financial expert can help you in several important aspects.
First, when a new divorce case is filed, each spouse has to file a thorough financial statement with the Court, which is placed under seal, so that the general public cannot view it. This financial statement requires a summary of each spouse’s income and deductions, expenses, as well as a snapshot of assets and debts. It is filed under oath, which means it needs to be correct. Getting a financial professional to assist you can be critical to later defending your numbers to a judge.
Second, because there are so many financial documents that need to be obtained, reviewed, and analyzed, it is important to have someone who can understand these documents assist you with your case.
Third – and this is where things begin to get more important – there are often issues of hidden assets. When the other spouse has sole control of them or willfully refuses to provide documents, a financial expert can dig in and assist an attorney in understanding what documents need to be obtained and why. Imagine a sudden decline in income by a spouse that appears fishy. A financial expert can analyze this information in the same way that the expert can work on tracing large unexplained account transfers.
Fourth, financial experts can determine a spouse’s true income. If the income is tied to a business, he or she can determine the value of the business, as well.
Most litigants never understand the resources available to them during the divorce process. Before making any decisions, schedule a consultation with an experienced divorce attorney. To schedule a free initial consultation with an attorney at Milstein Siegel, call (410) 792-2300. Or fill out the form to request additional information.
