is why divorce lawyers often work with a professional specializing in Qualified Domestic Relations Orders (“ QDROs ”) and other retirement benefit matters . These experts can provide the specific language regarding the retirement plan division for a settlement agreement , as well as draft any QDROs that may be necessary to divide or transfer retirement plans in a divorce .
In cases in which one spouse unilaterally handled the parties ’ finances during the marriage , the divorce action may be the first time a client has had any meaningful involvement in their finances . The client may actually need the personal guidance of a financial advisor to understand the assets of marital estate . In cases where your client is financially savvy , a financial advisor can help develop a financial plan and identify what their financial goals are in the divorce .
Financial Advisor Lawrence A . Salberg , CFP ®, AIF ® ( Iron Oaks Wealth Advisors ), is from a private wealth advisory practice of Ameriprise Financial Services LLC in Atlanta . Salberg says , “ In the often contentious and adversarial climate of a divorce , working with an experienced financial advisor as early as possible in the proceeding can help all involved avoid serious missteps . Whether it ’ s understanding what can and cannot be done with a QDRO or working to manage investments in a children ' s 529 account or presenting a thoroughly fleshed out retirement plan that could be used to negotiate equitable distribution of all assets , a great financial advisor can bring a semblance of calm and sanity to both parties in the chaos of a divorce .”
Divorce lawyers also work directly with other attorneys and financial professionals to protect a client ’ s business . The valuation of a business involves numerous factors . Business valuation experts and tax experts can provide specialized valuation services related to valuation , equity and assist in protecting a client ’ s business interests . In cases in which a comprehensive investigation into the finances of a party or business is necessary , particularly where there is suspicion that a party has misrepresented their financial reporting , forensic accountants , who specialize in auditing financial data and providing an accounting analysis , can be essential .
Personal injury settlements can also impact a divorce case , and a divorce attorney may consult with a personal injury attorney if an award is pending during a divorce . Attorney Morgan Medders ( Medders Law Firm LLC ) in Atlanta explained , “ proceeds from a personal injury settlement may be subject to equitable division for items such as medical expenses or lost wages . However , recovery for ‘ personal ’ items such as pain and suffering or loss of consortium are excepted . Whether some portion of recovery is a ‘ marital ’ assset is a matter of evidence , so consultation with a personal injury attorney early in the claims process is critical to either asserting or preserving rights to any settlement proceeds resulting from the claim .”
Divorce attorneys might also engage other attorneys to help navigate the intersection of divorce and estate planning particularly at the end of divorce . An attorney specializing in estate planning can offer valuable insight on how a divorce impacts one ’ s estate . Attorney Cherish De la Cruz ( De la Cruz Law LLC ) in Atlanta stated , “ there are three key things that clients should update or consider creating when they are recently divorced : ( 1 ) the executor in their will which is a person to handle their affairs after they are deceased ; ( 2 ) updating their beneficiary forms for investments , life insurance , bank and savings accounts and retirement accounts ; and ( 3 ) creating a trust for the benefit of their children in which their former spouse does not have access to the funds .
Domestic attorneys also work with experts across practice areas in preparing prenuptial and postnuptial agreements to protect a client ’ s property and assets , as well as assisting with financial disclosures . These agreements can save clients precious time , money and emotional pain . Due to the growing complexity of clients ’ issues and increased specialization in particular fields , working with other professionals and lawyers across practice areas helps develop tailored solutions to clients ’ particular issues and helps them achieve their individual goals .
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