Divorce is usually about a person’s financial well being and their children. Logically one should have strong advice about money and kids. Surprisingly these areas are not taught in law school. Therefore it is important to have expert advice from skilled individuals trained outside of the law.
The top 10 things to know about divorce and money:
- The couple’s net worth does not necessarily get divided in half: most divorces end up at something other than 50%
- Both sides will take a decrease in their standard of living
- You will be selling everything whether you like it or not
- There is no relationship between price and performance of divorce attorneys
- Private judges are not necessarily better than the public courts. But sometimes they are
- Alimony (support) is, financially, a loan: look at the repayment likelihood
- Two different settlements of the exact same amounts can have vastly different values
- The system places no value on risk – you can end up with lots of them (common risks—credit, investment, liquidity, tax, no recourse)
- Divorces almost always have tax implications
- The system, while “equal” can create cashflow assymetries that can sink you
Accountants COUNT, but the best decisions are made as a result of decision ANALYSIS. CPAs are usually not forensic accountants: Forensic accounting can mean many things.