According to Psychology Today, approximately half of marriages in the United States end in a permanent separation or divorce. Whether you’re considering separating from your partner or you’ve already initiated the process, the Certified Divorce Financial Analyst® practitioners at Merit Financial Advisors recommend finding a wealth management professional that specializes in divorce planning to ensure your financial stability both during and after your breakup with your partner. By doing so, you can rest assured that your short-term and long-term financial situation—whether you own real estate, hold investments, share savings, or have any other shared financial responsibilities—will be protected.
A Certified Divorce Financial Analyst®, abbreviated as a CDFA®, is a financial advisor that specializes in divorce. When certified by the Institute for Divorce Financial Analysts, a CDFA® can offer couples fair and equitable solutions to dividing their assets, from property and expenses to retirement and child support. If paired with a competent divorce lawyer, a Certified Divorce Financial Analyst® can be paid by the hour to focus specifically on the division of assets and post-divorce financial responsibilities like alimony and child support, as well. While not necessary for all divorce cases, there are many reasons why you would want to consider hiring a CDFA®, from planning for divorce expenses to post-divorce budgeting.
4 Reasons to Hire a Certified Divorce Financial Analyst®
1. Divorce Expenses
The process of divorcing your spouse is neither quick nor cheap, especially if it’s contested. Before you initiate the process, speaking with a Certified Divorce Financial Analyst® will allow you to budget for divorce-related expenses and determine who will pay for them.
2. Asset Division
Perhaps the most complicated aspect of divorce is determining how to divide assets like real estate, retirement accounts, and investments. Since these decisions aren’t always easy to make, and it’s not always fair to divide assets equally, a CDFA® can work with your lawyer to determine an equitable solution.
3. Financial Responsibilities
Of course, you will also have to consider any shared expenses or savings accounts that both parties are responsible for, especially when children are involved. A Certified Divorce Financial Analyst® will have the skills and experience necessary to assess the nature of your divorce and help determine how to best ensure that both parties are held responsible for shared financial responsibilities like child-related costs.
4. Post-Divorce Budgeting
For marriages where one spouse earns more money than the other, a Certified Divorce Financial Analyst® can assist in the development of a short-term and long-term budget for post-divorce life. Again, this is especially useful when one of the parties may not have earned a significant amount throughout the marriage. A CDFA® will know exactly how to create a budget from scratch and ensure your financial needs are met.
4 Tips for Finding a Divorce Financial Analyst
1. Check for certification with the Institute for Divorce Financial Analysts
2. Request consultations with multiple CDFA® professionals to find someone you trust
3. Ask for a referral for a CDFA® practitioner from a friend
4. Interview prospective CDFA® professionals & ask about their previous client profiles
Schedule an Appointment with a Certified Divorce Financial Analyst® Today
Find out how a Certified Divorce Financial Analyst® can help you by contacting Merit Financial Advisors now.