Divorce can have a significant impact on your taxes. And unfortunately, there is a significant portion of the population that could be losing thousands of dollars because they’re not getting the proper amount of professional advice they need regarding the value of their assets.
In a recent appearance on Phoenix Money Radio’s “Business for Breakfast,” Cordell & Cordell Principal Partner Joseph Cordell discussed how financial advisors can be of assistance to clients going through divorce when evaluating the value of their assets.
Mr. Cordell noted that affluent people likely have a number of financial professionals participating in their divorce process and helping to sort out tax matters and business evaluations.
However, there is another segment of the population that has assets of significant value – such as homes, retirement plans, and smaller businesses – that leaves everything up to their attorney.
This can be a costly mistake as they might not be getting the proper value of their assets in the process.
“If you take people with incomes between say $75,000 and $200,000, that’s a broad range,” Mr. Cordell said. “… It’s this swath of people, where I’ve found over the years, is that you do not see included in the divorce process this sort of professional assistance to lawyers that you would see falling above that range.”
Listen to the entire interview below.