Heymann & Fletcher

Menu Map See All Practice Areas
FindLaw Network

How financial advisors can assist in property division

Some New Jersey spouses have the good fortune of a simple and easy divorce. For most, however, a number of factors will serve to complicate the divorce process, especially when it comes to matters of property division. Working through those issues can be far easier with the services of a financial advisor who specializes in divorce settlements.

One way that an advisor can assist is by searching for hidden or overlooked assets. While some spouses will intentionally try to shield assets from the divorce process, often it is simply a matter of an honest error. Consider, for example, the ways in which today's workers progress through their careers. Very often, individuals end up with multiple individual pensions before they are ready to retire. It is easy to overlook assets that were set into motion many years ago.

In other cases, spouses are intentionally trying to hide assets. That's where the services of a financial advisor can really prove beneficial. An advisor can comb through a couple's finances and determine if there are signs of hidden assets. Armed with that information, the spouse can then approach the court to ask that the other party be forced to disclose all assets.

For many New Jersey residents, including a financial advisor on their divorce team is a wise course of action. When an advisor is able to identify assets that may have been left out of the property division process, the bottom line of the settlement is likely to improve. All New Jersey spouses should consider if this approach might offer a good fit for their specific set of needs.

Source: professionaladviser.com, "Marilyn Bell: The role of advisers in financial disclosure", Marilyn Bell, Aug. 29, 2017

No Comments

Leave a comment
Comment Information