1) Financial analysis conducted early in the divorce process can save time.
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 AnalystTM (CDFATM) can explain all financial aspects of the pending decisions and help to empower you to make educated decisions throughout the process.
2) A CDFATMmay help you save money during the divorce process.
By using a CDFATM, 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. Settlement scenarios 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. Accountants can only give tax advice and attorneys can only give legal advice. A CDFATM can educate their clients by providing a thorough knowledge and understanding of the often complicated financial decisions.
3) A CDFATMcan help you make more rational decisions.
Sometimes the ideas from a third party like a CDFATM rather than from the opposing attorney or spouse can foster a quicker resolution. It is easy to get stuck just because it was “his” or “her” desire to have a particular outcome.
4) CDFATMs can assist you with developing detailed household budgets to help avoid post-divorce financial struggles.
A CDFATM can help you 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 other cost of living must be taken into consideration when agreeing on a final financial settlement.
5) A CDFATMcan reduce apprehension and misunderstanding about the divorce process.
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 you to understand the various scenarios of your economic future and prevent long-term regret with financial decisions made during the divorce process.
6) Marital Settlement Agreement (MSA) review and implementation.
This is one of the most important steps in the divorce process. Financial concepts are often missed or not clearly defined in the MSA. Although well versed in legal matters, attorneys may not have the same level of expertise in financial details. Those not trained or licensed in financial services are generally not up to date on specialized investment and insurance matters. A MSA review from a financial prospective can minimize future modifications and expense. A CDFATM can also help you create and manage a schedule of required tasks post-divorce.