What is a Financial Lawyer?
A financial lawyer is a specific type of lawyer who assists people with regards to legal issues related to finances. This can span a whole range of different subjects, including financial plans, financial responsibility laws, and even financial power of attorney arrangements.
Most people generally do not have the training or background to deal with financial matters in an in-depth way; additionally, some of the legal issues connected with finances can be complex and often need the help of an attorney. Also, state laws regarding finance can be different from area to area.
For instance, one of the most common issues connected with finances is that of financial fraud. Various people can be involved in financial fraud, including financial advisors, accountants, and other professionals. A financial lawyer can help determine:
- Whether a financial violation has occurred;
- Which parties might be held liable;
- Whether you have suffered losses as a result of the violation; and
- What types of legal remedies you may be entitled to.
Also, the nature of some financial tools and products can be complex as well. Notably, investments like stocks and other securities can be difficult to deal with. Other financial mechanisms like bonds and trusts may also require the expertise of a lawyer, who can help determine how they are managed. They can help draft legal documents to help with the management of the funds and finances.
Why is it Important to Have a Financial Lawyer?
Having a financial lawyer is important for many different reasons. As mentioned, some areas of finance can be complex, and the laws surrounding them may need the research and interpretation of a lawyer. Even setting up some of these financial tools may require the guidance of a finance lawyer.
In addition, many legal disputes and conflicts have financial components to them. Financial lawyers can work in many different areas of the law, and may have advanced knowledge in the specific financial aspects connected with many legal issues.
As an example, it may be necessary to lower child support for changed financial circumstances, such as a loss of employment or the birth of another child. Without the aid of a lawyer, it can be challenging to understand the complexities involved in these types of child support determinations.
Thus, while some legal matters might not be financial in nature at their root, many of them have financial calculations and determinations that are extremely crucial for the outcome of the court hearings.
Other areas that may require the assistance of a financial attorney can include:
- Creating a financial affidavit for divorce purposes;
- Cases involving financial exploitation of the elderly (the elderly are often the targets of various financial scams and fraud schemes);
- Cases where legal penalties involve financial consequences for the defendant, such as financial penalties for drunk driving cases; a lawyer can help sort out payment and other issues;
- Lawsuits involving false statements to deceive a financial institution (for instance, if a person has submitted false information in a loan application);
- Various legal matters involving financial privacy. This can involve matters ranging from credit card information to online spending habits and other data.
Also, financial planning lawsuits can be common as well. These typically involve some form of misconduct by a financial planner. Claims can involve negligence, fraud, or misrepresentation on the part of a financial planning expert. For instance, a financial advisor may have obtained access to a client’s trust fund, and then used some of the funds for their personal use. These types of claims can involve complex determinations under state and federal laws.
In many cases, it is actually useful to find a financial lawyer before you even enter into a new financial arrangement or agreement. This can help provide you with guidance and protection as you make new financial decisions, work with new financial advisors, and take new steps in your financial planning.
An attorney can help you draft, review, and file documents, and can explain your legal rights at crucial steps along the way. Then, if a financial dispute or legal conflict does arise, your attorney will be familiar with your financial background and can provide legal representation in a much more effective way.
So How Do I Know if a Finance Lawyer is Right for Me?
There is not always one specific category for financial matters and disputes. As mentioned, financial matters are often embedded in a wide range of legal affairs. While there are many specific financial laws and rules, these often exist in the context of the corporate world, where companies have their own lawyers on hand to manage their business issues.
For more everyday matters, it’s important to work with a lawyer who is well-versed in financial matters related to the field they practice in. For instance, if you need a family lawyer, it can help to find a lawyer who has expertise in related financial matters, such as those connected with spousal or child support calculations. Or, if you need a wills and trusts lawyer, they should be capable of handling and executing large estate matters.
If you need help with any legal issue that depends heavily on financial matters, you may need to hire a lawyer in your area. Your attorney can provide you with legal research for the financial issue; in the event that you need to go to court, your attorney can guide you through that process as well.