Assessing Your Financial Situation
This may be particularly helpful if your spouse has handled most of the finances in the marriage. You might be unfamiliar with what assets are jointly owned, how much insurance you carry or what your monthly household budget looks like. You may also have forgotten about certain types of assets, such as your wedding rings or family heirlooms. A CDFA can also help you make such difficult financial decisions as whether you can afford to keep the family home. Looking ahead, they may help you figure out what kind of lifestyle you will be able to afford and create a budget and financial goals for after the divorce.
Making Long-Term Plans
A CDFA can also help you determine what kind of retirement savings you may need. If you are an older adult, this might involve looking at how divorce will change your retirement plans. Other things a CDFA may help with include assessing what your children’s needs will be and figuring out what kind of insurance you need.
This information and analysis can help you prepare for either negotiations or litigation over property division, child support and spousal support. Some couples prefer to try to negotiate a solution outside of court since this can be quicker and less costly than litigation, but if your spouse is uncooperative, it could be less expensive for you in the long run to go to court. An attorney may assist with litigation or help you prepare for litigation.