Divorce brings with it many challenges, including financial ones. Not every divorcing spouse feels ready to deal with many fiscal matters after dissolving the marriage. Financial planners promote their abilities to help California residents with money matters. A traditional financial planner might be helpful, but a counselor who deals specifically with divorcing couples could be worth meeting.
How a CDFA can help you
A certified divorce financial analyst (CDFA) possesses the experience and credentials that may prove valuable when seeking assistance during the divorce. The CDFA’s expertise could help mitigate the client’s lack of experience with particular financial issues. For example, a client may not know anything about insurance, as the other spouse handled such matters. Soon, responsibilities related to homeowner’s, health, and auto insurance may fall on the inexperienced spouse’s shoulders. A CDFA could provide insights into how insurance policies work, and more.
Tax issues might cause someone to worry. After years of filing jointly, an ex-spouse returns to filing at single status. A CDFA could help guide a client to an accountant capable of assisting.
Concerns surrounding debt might also burden an ex-spouse. Mountains of debt may seem impossible to come out from under. With the right guidance, the ex-spouse could figure out a way to pay the debt down. A counselor might offer ideas about getting a budget under control, which may help keep more debt from piling up.
A CDFA may better understand the hurdles someone faces before, during, and after a divorce. Since many financial troubles derive from the divorce, working with a financial counselor who best understands divorce-related financial issues could be the right choice.
A divorce attorney could also provide valuable insights into different matters. The attorney may also negotiate for a better financial settlement on a client’s behalf.