Should Divorcing Couples Use a Financial Analyst?

Should Divorcing Couples Use a Financial Analyst?

If you are initiating the divorce process, you will soon gain a new best friend: Google.

You may want to search for the following topics:

  • How do I find a divorce attorney?
  • Can I get custody?
  • How about alimony?
  • Child support?
  • How do I start the divorce process?
  • Should we use a divorce mediator?
  • How do we calculate financials?
  • Do we really need a lawyer, or can someone help us settle between ourselves?

After hours searching, you might not come to any conclusions.

Professionals within the divorce process are busy marketing through Google and other search engines, and all of them are vying for your business. These professionals are sometimes called certified divorce analysts, but they go by many names. Their pitch is that they can sit down with you and your spouse, pool together all of the financials within the family, and help both of you determine the best way to settle your finances, both in terms of assets/debts and income/expenses.

Do you see the flaw yet?

This entire profession operates on a strong assumption that both spouses are being completely open and honest with each other, and that neither is hiding anything about their financial condition. The vast majority of the time, this is a fatal flaw for at least one spouse. If the other spouse has been divorce planning and the financial analyst only reviews current assets, they may completely miss important considerations.

Rarely are any of these financial professionals also divorce attorneys. The statutes and laws governing financial outcomes in divorce are highly complex, and a financial professional is not going to understand or appreciate these complexities.

If a divorce financial analyst tells you and your spouse that they can also draft your agreement, run. Run far away from them.

Here is the proper way to use a divorce financial analyst. First, find an experienced divorce attorney. Second, have your attorney decide whether a financial professional is necessary. If deemed appropriate, hire a financial analyst for yourself, only. This person could end up being an expert witness at trial. You want this professional to represent your best interests in the same way you want a divorce attorney to represent you, and you alone.

Financial professionals can be very helpful to people going through a divorce. However, they should only be utilized under the careful watch of your attorney.

The family law attorneys of SIEGELLAW can provide the counsel and advocacy to help you meet your goals and make your future brighter.

Schedule an initial consultation today. Call 410-792-2300 or fill out the form on this page to request additional information.