Many people do not realize how complicated their finances are until they start divorce proceedings. Assets such as stock options, real estate, business interests or an executive-level compensation package can involve significant financial resources. To ensure that your divorce settlement is fair, you may want the services of a professional.
A certified divorce financial analyst (CDFA) has training and experience in financial matters related to divorce and provides education and support to clients who need help negotiating an equitable divorce settlement. Having a CDFA on your team has many advantages:
- The sooner you have a thorough understanding of the full financial picture, including all assets and liabilities, income sources and retirement plans, the sooner you can reach a settlement. Starting the settlement negotiations with inaccurate or incomplete financial information can prolong the process, adding unnecessary expense and stress.
- A skilled CDFA can offer advice about the pros and cons of your various settlement options and help you negotiate a settlement that is realistic and fair. Having a full understanding of the financial ramifications of each decision regarding the division of property, alimony, child support and restructuring business interests can empower you to make better choices.
- A CDFA can help you formulate plans that adequately address your immediate financial needs and your long-term financial stability. Changes in your post-divorce lifestyle may necessitate some budgeting, but you may also need to make long-term plans for taxes, cost of living increases, insurance and retirement.
There are many issues in a divorce proceeding, but for the best results in sorting out financial matters, work with a CDFA who has the necessary experience to resolve your particular situation.