Financial Divorce Planning Tips

How Can a Divorce Financial Planner Help With Litigation?

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Everyone knows the statistics. Approximately 2.2 million people get divorced in the United States each year, and virtually 100 percent of divorces involve some sort of financial settlement.

In many cases, people remain married because they fear the financial consequences of divorce more than they do the prospect of staying in a bad marriage. The recent economic downturn proves this point. The divorce rate in the United States decreased during the “great recession” and now that the economy is stabilizing, the number of people seeking divorce is increasing. The number of Americans getting divorced rose for the third year in a row to about 2.4 million in 2012, after plunging in the 18-month recession ended June 2009, according to U.S. Census Bureau data.

A divorce financial planner is trained about state divorce laws and personal financial planning. They are hourly-based and work within the context of the legal divorce process. A trained financial professional specializing in divorce should be a Certified Divorce Financial Analyst™

(CDFA™). Professionals with the CDFA™ designation have received extensive training in the financial intricacies of divorce, and they must continually update their skills to remain accredited.

As two-income households prepare to split into two single-income households, financial decisions made during the divorce process will have impact far into the future. A financial planner can offer both parties a greater understanding of the financial implications of their decisions as well as presenting various scenarios for consideration. This ultimately saves time, money and alleviates fear.

The Certified Divorce Financial Planner’s role is to organize, gather and analyze all pertinent financial information, and to assist the team by conducting a comprehensive assessment of the divorcing couple’s affairs. This person can also appear in court as an expert witness if required.

A divorce financial planner is an expert in helping clients transition from a married to a single life.

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Guest Sunday, 19 November 2017
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