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Divorce financial settlement6/19/2023 ![]() ![]() The more thorough you are in gathering your information, the better the financial plan that can be created and implemented for you and your situation. What information will I need to start the divorce financial planning process? Last but not least, because divorce can be highly stressful, and you must continue to move forward in other parts of your life, consider working with a therapist who can give you the emotional support you will need, including financial matters, to get you through this difficult period. You may also want to work with a divorce mortgage advisor who will have specialized knowledge of divorce-specific underwriting guidelines, and a forensic accountant to help you determine a spouse’s true income and assets. These may include a Chartered Business Valuator (CBV), a Certified Fraud Examiner (CFE), a Certified Valuation Analyst (CVA) and other professionals who can provide you with pinpoint analysis and services. There are other highly specialized divorce financial analyst specialists who may be able to assist you as well depending on your circumstances. ![]() A CDFA has specialized training in the financial and tax aspects of divorce, while a CFP has broad expertise across all facets of financial planning. If you decide to retain this type of advisor, at a minimum, look for a Certified Divorce Financial Analyst (CDFA), and preferably someone who is also a Certified Financial Planner (CFP). This will be critical in helping you assess the long-term impacts of your decisions. Not only will a divorce financial advisor help you to better understand your current situations and how you will be impacted post-divorce, they will be able to bring added perspective in helping you evaluate various possible settlement proposals. Who should I hire to assist me with divorce financial planning?īecause divorce can be a complicated process, chances are that you will need to not only retain a seasoned family law attorney, you will also need the services of other professionals who can fully understand and interpret your divorce-related financial, tax and long-term wealth issues.ĭepending on the level of complexity of your finances, at the very least you will benefit from working with a divorce financial advisor. When you get assistance from a divorce financial planning professional, you can work together to develop a strategic plan that will remove the right amount of emotional decisions, protect you and your future, and minimize mistakes and emotional stress that you will encounter along the way. The goal of divorce financial planning is to make you fully aware of your options, the true value of your assets and how your decisions in a divorce will impact your finances.īecause divorce is an emotional experience, without guidance your judgment can be compromised at times, causing you to make mistakes that could take years to recover from, or cost you thousands of dollars. Just as a family law attorney will focus on legal issues, and other resources will help you with emotional support issues, you can only make the best possible financial decisions when you tap into the extensive knowledge and experience provided by a professional trained to deal with critical financial decisions as they relate to divorce. What is divorce financial planning?ĭivorce financial planning specifically focuses on developing personal and business financial strategies that can help an individual achieve the best possible divorce settlement for their personal situation. It’s just as important to get the professional help you need to make critical decisions that will align with your new set of financial goals and objectives. You must also be aware that part of what drives your financial decisions will be influenced by the legal and emotional components of your divorce as well.Ī family law attorney will guide you through the important legal issues you will be facing, and friends, family, support groups or even therapists will help support you emotionally. Your short- and long-term goals will change dramatically, and you will be forced to reexamine your financial future with a new set of facts that will be a significant departure from your status as a married person.Īccepting your new reality having good and accurate information are important keys to making smart decisions about your financial future. Under normal circumstances, financial planning is a key component in securing the long-term well-being of you and your family.īut when you are faced with the prospect of a divorce, the need for financial planning can become even more critical. ![]()
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