In our last post we began a discussion about the value of bringing in experts during a divorce. Some might think involving experts may be too costly, but they also have to consider the cost of splitting assets without knowing their true value.
Another issue to consider is the value of life insurance plans. These insurance plans are unlike car or homeowner's insurance and can be very individualized based on the unique circumstances of the couple. The insurance plan may have accumulated quite a bit of value without one spouse even being aware of it. In this case, it could be important to work with someone that not only knows a lot about insurance, but also someone who understands how trusts play a role in life insurance.
Finally, individuals should also consider their lifestyle. This may sound like an odd thing to bring an expert in for but it can certainly be beneficial. This can be particularly important when one spouse makes a lot more money than the other. It's important to take a thorough look at where and how money has been spent during the marriage in order to understand the true cost of maintaining the lifestyle both individuals are accustomed to.
When assets of great value are at stake, having experts play a role in the divorce may mean the difference between a settlement that is so-so and a settlement that is great. Having legal representation can help an individual understand the importance of certain assets and how those assets can help that individual build a solid financial foundation in the future.