Question: My husband and I are getting a divorce. We have been married for 11 years. We own several businesses together; some in Bucks County, Pennsylvania and others out of state. We also have numerous real estate investment properties and other investments. We currently live in Newtown and own a shore house in New Jersey. I anticipate that we will have a difficult time dividing our investments and assets. I know I need a divorce lawyer, but do I need someone who specializes in divorces that involve a lot of assets and investments? A friend told me that I should also hire a financial advisor for the divorce.
Answer: Divorces for couples with high net worth, i.e., numerous investments, businesses and/or assets, can be very complicated. While divorces for high net worth couples include general divorce issues such as property division, child support and alimony, the values of the assets and property in high net worth divorces are significantly higher. For that reason, having a financial expert by your side to assess the effect of how the martial assets are divided is important during the divorce.
A financial analyst that deals with divorce issues is called a Certified Divorce Financial Analyst (CDFATM). CDFAs have been specially trained to analyze financial issues relating to dividing assets/property in divorces. Although you can hire a CDFA along with your divorce lawyer, it is especially helpful for individuals with high net worth to work with a divorce lawyer who is also a CDFA. The lawyer will be well versed in divorce law and also has knowledge and expertise in financial and tax laws.
An experienced divorce lawyer who is also a CDFA will help guide you through the divorce, analyze all of the financial data from the marriage and assess the short-term and long-term effects of a proposed divorce settlement.
We have helped many high net worth individuals with their divorces in Newtown and Doylestown and other parts of Bucks County. If you would like to discuss your case, you are welcome call our office to schedule a consultation with firm partner, Brian Coverdale. He is a seasoned divorce lawyer, as well as a Certified Divorce Financial Analyst, working with high-net worth divorce clients. Click here to learn more about Brian Coverdale.