Welcome to the eleventh episode of Divorce and Your Money Podcast. Your host, Shawn Leamon, MBA and a Certified Divorce Analyst, discusses why you need a financial expert during your divorce.
It is often said that marriage is about love, but divorce is about money. Most people who divorce will reach a divorce settlement without appearing before a judge. Most people forget to seek financial expertise during the divorce process, but waiting to settle things later is a mistake. During divorce negotiations, you can often make agreements you don’t fully understand, which is when a financial analyst can help so that you don’t make a decision you will regret later.
A financial expert will discuss your assets with you and assist in formulating a settlement and ultimately help you understand the consequences of that settlement. This person should not just be a CPA. You need to hire someone who thoroughly understands the complex financial issues that are often involved in divorce. Such experts are called Certified Divorce Financial Analysts. They can help you with your taxes and financial issues of your divorce and need to work together with your regular attorney.
Their goal is to help you understand your financial needs both during and after your divorce, such as your assets and their worth, your liabilities, what you should keep, and the best strategies to ensure your interest. For example, who will keep the house? What will you do with it? Is it beneficial to sell it before or after the divorce? These are just a few issues that a financial expert will assist in determining the best course for you.
Some people think they don’t need a financial advisor for their divorce if they already have an attorney, but you need someone on your team to do the math. A Certified Divorce Financial Analyst (CDFA) can not only free up time for your attorney but can also help you make better and more informed decisions. They complement the work of your attorney, providing a second opinion and also a financial plan for your life after divorce.
Finding a financial analyst for your divorce is not difficult. They are available throughout the U.S. and also online. The Institute for Divorce Financial Analysts provides certificates, training, and testing for them. You can go to their website https://www.institutedfa.com and find a suitable CDFA.
Key Learning Points
- The key elements of divorce settlements are financial and child custody.
- A Certified Divorce Financial Analyst will discuss your assets with you, help formulate a settlement, and help you understand the consequences of the settlement.
- Certified Divorce Financial Analysts help you with your taxes and financial issues and work with your attorney.
- Financial assistance will free up time for your attorney and help you make better and more informed decisions.
- Certified Divorce Financial Analysts can be found online at https://www.institutedfa.com.
Thank you for listening to the Divorce and Your Money Podcast. We hope the show helps you through one of the most difficult periods of your life. Shawn Leamon is also the author of Divorce and Your Money: The No Nonsense Guide. One-on-one divorce coaching services are available at www.divorceandyourmoney.com.
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