Going through a divorce can bring a great number of challenges—parenting plans for the kids (if you have any), changes to your daily routines and habits, often a change in residence, the potential loss of friendships, and more.
I usually find one of the biggest issues of all is dividing assets—all your "stuff," both tangible and financial.
The question often arises: “How can I get through this in the easiest way?” While I'm not suggesting divorce can ever truly be considered “easy,” there are ample resources to help guide you through the process in a less stressful, more focused manner.
Supporting yourself with a team of professionals who will guide you through the process to help you achieve the best outcome for today, and your future, is one of the smartest things you can do at this juncture. One member of the team—a neutral financial professional—can help both of you achieve a fair and equitable financial settlement.
Certified Divorce Financial Analysts (CDFATM) are trained in the fundamentals of divorce and finance, and have extensive experience in meeting the special needs of divorcing couples. Knowledge of these concepts enables your CDFA to provide a structure and process to assist in designing your optimal financial settlement.
There are many components to consider when trying to fairly divide your assets and debts, find ways to live within your new means, and build out your financial future. A CDFA can work simultaneously with both of you, helping to gather the necessary financial information in order to better understand your economic situation and equip you with the information needed to discuss your concerns.
It is quite common in most relationships for one of you to be more financially savvy than the other. That person likely handled the majority of financial matters for both of you. Often, couples will request that the less financially savvy spouse receive additional assistance to help bring them “up-to-speed.”
By helping the “non-financial” spouse to be better informed and more confident on financial issues, informed decisions can be made, and the process move forward more easily.
A neutral financial specialist is cost-effective for you in several ways. First, only one professional may be needed—as opposed to one for each party. Second, the initial process often takes place without attorneys present, saving hourly costs. Most importantly, such a professional can provide focused financial expertise that often results in creative and effective financial solutions due to their training and expertise when it comes to researching and analyzing personal, business, and tax issues in a divorce.