1) Engaging a CDFA™ early in the divorce process can SAVE TIME.
The average length of the traditional divorce process is one year. In the beginning stages of the process, both spouses spend a great deal of time trying to gain a clear understanding of the financial considerations and terminology of the divorce. A Certified Divorce Financial Analyst® (CDFA™) can explain all financial aspects of the pending decisions and help to empower you to make fully informed and knowlegeable decisions throughout your separation.
2) A CDFA™ can help you SAVE MONEY during the divorce process.
By using a CDFA™, you will have a clear view of your financial future. Only then can you approach a divorce settlement that fully addresses your financial needs, goals and interests. Throughout our divorce financial planning process you gain a clear understanding of how your divorce settlement is directly linked to your future financial plan.
A divorce settlement that floats back and forth between attorneys, without you having a clear understanding of all your financial options and associated ramifications, can be financially detrimental, time consuming and expensive. A CDFA™ can save you money. Your family law attorney is experienced in divorce law matters and your CDFA™ is expierenced in divorce financial and tax matters. Your CDFA™ will work alongside you to make complex financial concepts easy to understand. This will allow you to feel confident in evaluating the different divorce settlement options and their impact on your future finances.
3) A CDFA™ can help you AVOID PITFALLS related to your divorce agreements.
Working with a client and their attorney, a CDFA™ can forecast the long-term effects of the divorce settlement. This includes details of all tax liabilities and benefits. Developing a long-term forecast for their financial situation is far better than a short-term snapshot. Financial decisions must be made that take care of your family’s immediate needs, as well as those 30 years down the road.
4) A CDFA™ helps clients develop post-divorce budgets to AVOID FINANCIAL STRUGGLES.
A CDFA™ can help clients think through what the divorce will really cost in the long run and develop a realistic monthly budget during the divorce financial planning process. Expenses such as life insurance, health insurance and cost of living increases must be taken into consideration when making your final divorce agreements.
5) Using a CDFA™ REDUCES STRESS AND UNCERTAINTY about the divorce process.
Misinformation and misconceptions about the divorce process can be detrimental. Many spouses have misconceptions about their divorce settlement and the ability to continue their current lifestyle. Divorce financial planning reduces the stress and uncertainty surrounding your future finances. Proper planning helps to ensure a good, stable economic future and prevents long-term regrets surrounding financial decisions made during the divorce process.
Click here to see if you need a certified divorce financial analyst (CDFA™).
Schedule your discovery call to explore how a CDFA™ may be of help with your:
- Pre-divorce financial planning – Before deciding to divorce, do you need to know how a divorce may impact your future finances? Do you need to see what your monthly budget might look like given the potential tax, alimony and/or child support impact? Division of your retirement accounts, ability to save post-divorce and impact on your savings and retirement goals?
- Divorce mediation financial settlement – Do you and your spouse have financial questions in the divorce mediation process? Do you need answers to these questions before you can make an agreement one way or the other? Look no further, we can help. Schedule a call to learn more.
- Divorce settlement decision process – How will your decisions today impact your ability to retire? What will your taxes look like and how will that determine the extra money you have at the end of each month?