Financial disagreements are among the leading causes of divorce. According to divorce finance professionals, 22% of divorcees cite monetary issues as the reasons for their split. If you have been considering a divorce in Texas, a lawyer is likely the first professional you have thought of to consult. Divorce is even more complex when financial disagreements are involved, so a certified divorce financial analyst, or CDFA, will likely come in handy too.
Why hire a CDFA?
Most people do not know about these professionals. They are especially helpful for an “out spouse,” meaning the partner in a marriage who had less insight on the assets, monthly budgets and insurance plans. As the “out spouse,” you may lack a relationship with the family’s lawyer, wealth manager or accountant. Although it comes at extra cost, the benefits for your finances are significant. Cordial divorces make your transition easier since you do not need to litigate the division of property. A CDFA might work with one or both spouses to ensure an equitable division of assets.
What does a CDFA do?
A CDFA will work with you and your family law lawyer to ensure you meet your financial objectives during and after the divorce. They achieve this by:
• Creating a budget
• Collecting your family’s financial data
• Identifying your financial goals
• Discussing investments
• Determining an affordable lifestyle for you
• Setting your retirement objectives
Working with a CDFA
With daily obligations and emotions running high at the end of your marriage, you do not need to stress over your finances. Since opting for a divorce is not easy, a CDFA can help you navigate the financial aspects and lower your stress. Their advice on making financial decisions could help you get to the next stages and build a strong financial future. If you are considering a divorce, you may want to ask your lawyer to recommend a certified divorce financial analyst.