Do you need the services of a Certified Divorce Financial Analyst®? The financial ramifications of a divorce can be devastating. But, with proper planning and expert help from professionals specializing in financially equitable divorce settlements, you can increase your chances of arriving at a settlement that fully addresses your long-term financial needs -- and your spouses too. What's missing in most divorce processes is financial expertise. A Certified Divorce Financial Analyst® (CDFA® professional can help you determine what an equitable settlement would be. By using a CDFA® professional, both partners have a clearer view of their financial futures. Only then can they approach a settlement that fully addresses the financial needs and capabilities of each.
The average length of the U.S. divorce process is one year. In the beginning stages of the process, both parties spend a great deal of time trying to get a clear understanding of the financial aspects and terminology of the separation. A Certified Divorce Financial Analyst®(CDFA®) professional can explain all financial aspects of the pending decisions and help to empower their client to make educated decisions throughout the proceedings.
By using a CDFA professional, you can have a clearer view of your financial future. Only then can you approach a legal settlement that fully addresses your financial needs and capabilities. A legal settlement that floats back and forth between attorneys, without the client having a clear understanding of all financial ramifications, can be detrimental, time consuming and expensive. CDFA professional's can educate their clients by providing a thorough knowledge and understanding of the often-complicated financial decisions.
Working with a client and their attorney, a CDFA professional can forecast the long-term effects of the divorce settlement. This includes details of all tax liabilities and benefits. Developing a long-term forecast for their financial situation is far better than a short-term snapshot. Financial decisions must be made that not only take care of immediate family needs, but retirement needs as well.
A CDFA professional can help clients think through what the divorce will really cost in the long run and develop a realistic monthly budget during the financial analysis process. Expenses such as life insurance, health insurance and cost of living increases must be taken into consideration when agreeing on a final financial settlement.
Misinformation and misconceptions about the divorce process can be detrimental. Many have false expectations that they will be able to secure a divorce settlement allowing them to continue with their accustomed style of living. Financial divorce analysis helps to ensure a good, stable economic future and prevent long-term regret with financial decisions made during the divorce process.
Reprinted with permission from www.instituteDFA.com.
THE INSTITUTE FOR DIVORCE FINANCIAL ANALYSTS™
Raymond James is not affiliated with and does not endorse the Opinions or services of The Institute For Divorce Financial Analysts