Choosing financial advisers in a high-asset divorce

Many Texas financial institutions use the term “high-net-worth individual” (HNWI) to refer to a client who has more than $1 million in liquid assets. Such clients receive special access to services that are not available to people of lesser means. This HNWI term may also be relevant in a high-asset divorce. If you’re preparing for property division proceedings and your financial status fits the category, you’ll want to make sure you have a strong advisement system in place to ensure you protect your interests and achieve a fair settlement.

There are several types of financial advisers. As you prepare for a divorce, you might need guidance from one or more experienced advisers. To determine which type of advice you need, the first step to take is to make a list of all your assets and liabilities, as well as specific goals you hope to achieve through property settlement.

Do you need a registered investment adviser (RIA) in your high-asset divorce?

If the buying and selling of securities and other investment issues are relevant to your divorce, you may want to speak with an RIA before entering property division proceedings. An RIA is a financial adviser who has obtained certification at the state or federal level and focuses his or her practice on investment support.

A financial planner can help you create a post-divorce budget

Part of preparing for a divorce settlement is to think ahead to the future lifestyle you hope to create for yourself and your children, if you are a parent. Your divorce will have an impact on your finances, and it’s critical to ensure that you receive the maximum you’re entitled to under Texas property division laws, and that you will be able to maintain a similar lifestyle to the one you had during your marriage.

A financial planner can provide recommendations regarding everyday finances, including the creation of a budget, as well as education funds, retirement plans and more. If you’re requesting child support in your divorce, a financial planner can help you determine the amount of supplement needed to meet your children’s needs.

Consult with a wealth manager for high-asset issues

A wealth manager is a financial adviser who is used to dealing with HNWIs. They provide guidance for issues like estate planning, capital gains, business valuations, risk management, insurance and taxes. The more complex your financial portfolio is, the greater the need for seeking experienced wealth management guidance.

You do not have to limit your resources to financial advisers as you prepare to navigate a high-asset divorce in Texas. It is beneficial to build a large network of support, including various professionals, who can help you protect your interests and receive a fair and agreeable settlement.