Why some may need a divorce financial planner

| Aug 13, 2020 | Divorce |

There are many kinds of financial planners in Ohio. Among them is the certified divorce financial analyst, or CDFA. Financial disagreements are cited as the cause of roughly 22% of divorces. It is also worth noting that individuals in the 25-49 age bracket have a higher rate of ending their marriage than those over 50. This means that in addition to possibly having financial issues in the marriage, the individuals also have to figure out their financial situation after the marriage ends.

A CDFA helps a client work their finances during a divorce proceeding. This professional could play a major role in securing a strong financial future. During the proceeding, the CDFA partners with the client’s lawyer. The goal is to achieve the best financial settlement for the client. A CDFA does this by collecting financial data like expenses, developing a budget and setting up retirement goals as well as assessing the children’s needs, coming up with an affordable lifestyle and identifying financial goals.

Since the population is living longer, there are far more retirement years to plan for, especially post-divorce. The CDFA helps the individual prepare for the negotiations that are most likely going to happen during the proceedings. Then, this professional helps the client manage their expectations. Becoming single again is a challenge for some, and it is more so true when there are children involved.

Those who are getting ready to end a marriage are advised to hire a legal professional who practices family law. By adding a CDFA to the team, you’re more likely to come out of the proceedings in good shape for the future. Both professionals may take the time to look at your current circumstances and what they will look like post-divorce.