For Georgia residents, hearing about or reading about a divorce may be common practice. However, when they are involved in their own, it can be a completely different situation. A high net worth divorce can be complex and have several professionals involved. A recent article that is actually geared toward financial advisors could be helpful to individuals in multiple ways, including knowing who to allow to help manage their finances.
In a high net worth divorce, financial planners can play a key role in the negotiating process. There might be more than one planner involved. Because a planner can help their client keep their investments, it's important they know the details of the divorce and are able to negotiate with their client's best interest in mind. When another planner is involved for the soon-to-be ex-spouse, communication can be key.
It is also important that a client fully discloses all monies to their planner as well as any other professionals involved in the divorce process. Hiding assets during the divorce process can lead to serious consequences later on down the line. An individual can end up in trouble with the legal system if that is the course of action they choose to take.
Georgia residents facing a high net worth divorce may wish to take quick action. Sometimes being the first one to take action can be beneficial. Understanding the applicable state laws can also be helpful in determining the best way to proceed. When a person has all of his or her affairs in order and takes the best course of action, the process can be faster and more professional.
Source: Financial Planning, What Divorce Financial Planners Need to Know, Andrew Pavia, Jan. 13, 2014