What is divorce financial planning?
Divorce Financial Planning focuses specifically on developing personal and business financial strategies that can help an individual achieve the best possible divorce settlement for their individual situation. In order to make informed decisions regarding your finances during and after your divorce, you need to tap into the knowledge of a trained professional who is ready to deal with critical financial choices as they relate to divorce. Divorce can be an emotional experience, and without guidance, you may make mistakes in the process that will hinder you for life.
What is the role of a Certified Divorce Financial Analyst?
The Certified Divorce Financial Analyst (CDFA) certification emphasizes an individual’s ability to aid you in financial decisions and work directly with you and your attorney toward a settlement that takes care of both short-term and long-term needs. By utilizing proprietary software and specialized knowledge, CDFA professionals can determine the long-term and short-term financial impact of a settlement. They can create, analyze, and forecast different scenarios to outline a fair settlement that helps to protect your best interests and keep costs low. Working with a CDFA means working with an advisor who understands the financial complexities people experience during divorce. Your CDFA will educate and empower you to make informed financial decisions.
How do I protect myself financially in my divorce?
Everyone’s situation is unique, and we must look at the assets you shared, children, joint accounts, etc. The basic necessities include hiring an experienced divorce attorney, opening sole accounts, sorting out mortgage or rent payments, taking inventory of assets and debts, changing your will, and being prepared to discuss sharing retirement accounts. Just because you own something solely does not mean that it is totally protected. It is imperative to work with your attorney as well as a CDFA, to find out what steps need to be taken in order to ensure you are protecting yourself.
What should I consider before, during, and after my divorce?
There are some important steps to take as you go through the divorce process. These steps include creating a team, gathering personal information, identifying your personal property, organizing your legal documents, getting your finances in order, finding a place to live, and taking care of yourself.
Since divorce is such an emotionally charged process, it is imperative to build a team of professionals who are not emotionally involved in your marriage who will help you make logical and informed decisions before, during, and after the divorce.