Preparing to Negotiate a Divorce Property Settlement

 

Individuals going into a divorce property division negotiation rarely understand how just a few details can have a substantial financial affect on their future. You can avoid bad luck by having a strong grasp on the nuances of property division. The quickest and most efficient way to get this knowledge is to work with a divorce financial adviser.

• Be sure you hire one who is also a CPA. The income tax issues can be complex.
• Look for a CPA who also holds a CDFA – Certified Divorce Financial Analyst because they specialize in divorce financial issues.
• Tell your adviser everything about your property. If you are not a divorce expert yourself, you are not going to know which details are critical and which are not.
• Ask your divorce financial adviser to work up a couple of property division scenarios. You need to see how various options affect your financial outcome.
• Know that during negotiations you will need to compromise on something. Talk with your adviser about the effects of giving up on this or that option. Take notes.
• Familiarize yourself with the mediation process.