Any Arkansas divorce can involve complicated financial elements. Valuing assets and making sure fair division of property occurs can be a challenge. It only gets more challenging if the parties involved share a significant marital estate comprised of multiple property holdings and closely held business interests.
It might be easy to think of retirement accounts as being something that is linked entirely to the individual who contributed the money to the pot, but under divorce rules in Arkansas they, too, are subject to equitable division.
Managing the split of these assets is obviously something best done with the help of an experienced attorney. At the same time, what should happen with the resulting funds is something that deserves serious attention, which is why many experts also urge each party in high-net-worth households to enlist separate financial advisers. Indeed, those in that industry aren’t shy about making the claim that you should consider consulting them even before you speak with a divorce lawyer.
We would argue that lining up a team of professionals from various disciplines – financial, health and legal – is something that is best done around the same time, and as early as possible.
There are some common sense reasons why lining up separate financial advisers is a good idea. For one thing, it avoids conflicts of interest. If the adviser you shared when married happens to be a friend of your spouse, you have to consider whether your best interests will be a priority in divorce.
Divorce, whether it is contentious or not, is life changing. It can be easy to lose sight of your own interests in the jumble of the process. Having your own team of advisers is one way to avoid getting caught up in what can be an emotional fray.