Divorce can be a very stressful time, but it doesn’t have to negatively impact your life or your future. At Divorce Solutions 360 in Philadelphia, our divorce coaching and wide range of financial planning services can help you remain in control of your divorce and save you money simultaneously. “Divorce is often the largest financial transaction of [your] lifetime.” – Ginita Wall, Founder of Second Saturday and Wife.org.
Understanding the Role of a CDFA®
A certified divorce financial analyst is an experienced financial professional who has completed in-depth training, education and a certification process. They are trained and skilled in analyzing data and providing expertise in all financial areas of a divorce. CDFA® professionals are there to assist clients and their attorneys to understand how present decisions will impact their financial well-being. With help from a CDFA®, you can save money and determine cost-effective settlements.
Ginita Wall, Founder of Second Saturday and Wife.org said, “Divorce is often the largest financial transaction of their lifetime.” Divorce creates a highly emotional time in people’s lives, so it’s important to seek guidance when it comes to making crucial financial decisions. Divorce financial planners can assist you during this time so that financial decisions are made tactfully instead of being driven by emotion. They can help increase your divorce financial IQ, so that you understand the financial settlement decisions you are asked to make with what I call “eyes wide open” decision making.
Using the Right Tool
You’ll want a range of trained professionals to assist you during your divorce process. Professionals that may be a part of your team include a family law attorney, therapist, CDFA®, tax CPA, divorce lending professional, real estate broker, business evaluator and a forensic broker.
A CDFA® is a Certified Expert
Divorce attorneys are not financial planners. I am a financial professional with 25 years of experience in developing financial solutions for individuals and corporations and have taken multiple advanced courses surrounding the financial issues of divorce. My goal in acting as a neutral is to keep your money in your pockets, within your family and not wasted on legal fees.
Working with Both Spouses
Some people assume that CDFA®’s work with the less financially savvy spouse. However, that is simply not the case. Both parties can benefit from the training and professional advice of a divorce financial planner. Both individuals can scale the divorce learning curve, set realistic expectations, work on separating emotion from settlement decisions and assist spouses with the time consuming areas of divorce.
Both spouses need guidance through the divorce process, even the more financially savvy spouse. Some spouses have a hard time letting go of the control of the family finances since they’ve usually been in charge for years. That reluctance can lead to increased costs. The higher earning spouse can sometimes have unrealistic expectations about what will be paid and property that will be divided. They can also benefit from analyses that show their point of indifference between various financial settlement scenarios.
Why Does the Spouse Who is Less Involved with the Finances Need Expert Help?
Even if you haven’t been responsible for the family finances, it is still just as important to get guidance from a CDFA® when working through divorce settlements. CDFA®’s improve financial IQ to help you better understand financial settlement decisions. They help gather and analyze financial information to help identify priorities. They provide preliminary support calculations and help provide clarity to financial life after divorce. A CDFA® creates budgets and handles financial planning as well as assists in setting up new accounts, credit cards, online banking, etc.
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