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Seeking a Financial Planner During a Divorce

The Collin County Law Group Aug. 18, 2020

Financial issues between spouses are the primary cause of approximately 22% of divorces. A Texas resident going through a high-asset divorce may want to consider hiring a certified divorce financial analyst (CDFA) to navigate the financial complications associated with divorce.

What Does a CDFA Do?

Using a CDFA during a divorce is not common because many people do not know what a CDFA does. This type of professional is useful in understanding how much of your finances you can afford to negotiate. A CDFA can assist you in aggregating expenses, creating budgets, investing, and determining retirement goals. Additionally, a CDFA may educate you on how divorce could impact your children’s need, insurance, taxes, property and retirement.

Should You Hire a CDFA?

Although consulting another professional during your divorce may seem daunting, a CDFA can help reduce your stress levels and safeguard your finances during your divorce. Younger people will benefit from a CDFA when working out a budget for the future that fits their lifestyle. An older person going through a divorce may need help from a CDFA to secure savings for retirement. Even after the divorce is finalized, the outcomes of using a CDFA can improve your long-term financial decision-making and budgeting skills.

Money problems can lead to serious disputes between spouses. A CDFA is a trained professional who works to help you get through these divorce-related money issues. CDFAs can help ease your mind and protect your financial future. If you are experiencing financial issues during your divorce, you may want to also seek out an attorney experienced in high-asset and high-conflict divorce cases that could help you with valuing your assets and negotiating settlements.