Divorce and How to Spend Your Money on Professional Fees

  Posted on January 7, 2018
divorce money in the wind

If you are considering divorce, you will have to decide how to spend your money on professional fees.  For example, a client called my Brentwood office about a month ago and said she needed help understanding her expenses so she asked her CPA to help her.  I asked her what experience her CPA had with estimating expenses.  She replied, "What do you mean?  He's a CPA and he knows all about numbers."  I replied, "Yes, CPAs do know all about numbers and how to complete a tax return.   But my mortgage is all about numbers too and, I would not call my CPA to ask about mortgage rates.  My personal banker knows all about numbers but, I would not ask them for investment advice.  My financial planner knows all about numbers but, I would not ask them how to use my QuickBooks software."

My point is this, there are lots of professionals you know who deal with numbers.  It is important to get the right professional doing the right job for you so you get the best end result. 

Similarly, if you visited your internist and they heard an irregularity with your heart, they would recommend you see a cartiologist.  It is important that you see the right professional who can provide the right service you need.  That allows you to spend your dollars wisely.

If you are divorcing, you need to be spending your dollars wisely too.  Talk with your CPA about tax issues especially explaining the new tax laws and how they will affect you.  Talk with your financial planner about your investments and talk with an Accreditied Financial Counselor or Certified Divorce Financial Analysit regarding financial issues of your divorce settlement.

BTW, the client from a month ago called me this week.  She told me her CPA suggested she work with me to get her budget numbers...







Posted in: Finances, Taxes