The landscape of divorce is changing. The old model had you running out and hiring an attorney to handle everything. Then the idea that a mediator could be part of the process became widely accepted, especially if the couple was reasonably amicable. Now the final puzzle piece, a financial expert, has become a common part of the process. Working with a Certified Divorce Financial Analyst® (CDFA™) during your divorce can help you financially in several ways.
Attorneys and mediators are not trained in the financial complexities of divorce. Beyond that, a mediator isn’t permitted to offer you advice and an attorney often won’t get into the financial details, as it’s just not what they do. A CDFA™, on the other hand, has extensive training and background in divorce finance and will give you advice and information about all the financial complexities of your divorce. In turn, knowing the answers to all those money questions eliminates confusion and saves time during the negotiation process. And we all know time is money.
Your financial future is another anxiety-ridden part of the divorce process. A CDFA™ will help you put together a post-divorce budget and examine your settlement from a long-term perspective. Knowing that your settlement works for you in the short term is important, but also seeing projections for 20 years down the road adds a whole other level of comfort and peace of mind. When both parties know what their future looks like, and know they will still be able to retire and have a life, agreements tend to come that much more easily.
Finally, a CDFA™ brings a rational viewpoint to an emotionally charged situation. Personally, I tend to view this process as a type of financial contract in need of an equitable division. CDFA’s™ don’t have emotional ties to your home or other assets. We can examine the pros and cons of possible scenarios from that rational point of view and offer creative options for helping you reach the equitable settlement that both parties want. Remembering that equitable does not mean equal (i.e. maybe you keep the house and your spouse keeps their retirement instead of splitting both down the middle) expands the universe of possibilities and facilitates settlements that have everyone walking away with the knowledge that all the bases are covered and all the avenues were explored.
If you’re confused or unsure about the finances involved in your divorce and would like some help, please contact us for a complimentary consultation.
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