Divorce is devastating—not only to the individuals involved, but also to the children, family, friends, and employers of the divorcing couple. Divorce not only has a traumatic emotional impact, but a financial impact as well.
Because of the financial complexity of many divorces, more and more financial professionals (financial planners and accountants) are being asked to play an active role helping individuals and attorneys sort through the financial issues related to divorce.
If you're going through divorce you're probably contemplating these financial questions:
I work with individuals and attorneys to:
Certified Divorce Financial Analyst (CDFA) professional.
No. Equitable distribution applies only to marital property. Marital property is all property acquired during the marriage. Marital property does not include, however, property obtained during marriage by gift, bequest, devise or descent, or property otherwise provided for in a written agreement.
No. An equitable division of marital property is not always an equal division. Rather, the court will divide property between spouses in a way that it considers fair. In most cases, a fair division will be an equal (50/50) division. In other cases, however, the judge may decide to award one spouse a greater percentage of the marital property.
No. While gifts given to one spouse by a third party are considered that spouse's separate property, gifts given by one spouse to another spouse are considered marital property subject to the laws of equitable distribution.