Disagreements about money are often one of the leading causes of divorce. Money can make the process of untangling a couples’ shared financial plan difficult and ugly for both parties. With the assistants of a CDFA, a Certified Divorce Financial Analyst also known as a Divorce Financial Planner, the process of divorce can be more amiable and less expensive. Consulting with a CDFA is the recommended first step before you consult an attorney.
A Divorce Financial Planner can help you avoid the most common financial mistakes in divorce. Navigating your emotions and dividing personal belongings can be stressful and difficult. Add on financial issues and the process gets much tougher. Is your retirement funded? Is there a plan in place for paying for college for your children? Who will be paying the bills before the divorce is finalized?
If you are contemplating divorce, hiring a CDFA to guide you through financial planning for divorce can help your success for your financial future.
Why You Need a Certified Divorce Financial Analyst
You may wonder why you need a financial advisor if you already are working with a divorce lawyer. When dealing with the intricacies of a divorce a lawyer can educate you on the legal process, file legal documents and represent you in court whereas a financial advisor can help educate you on the characteristics of your assets and tax implications, create a realistic budget as you move through the divorce process and help determine a long term plan for your financial future as a single adult.
Working with a Divorce Financial Planner can help you make fully informed decisions and may save you money and time during the divorce process. Financial planning for divorce is the way to go.
Who Can Help You Create a Financial Plan for Divorce?
Divorce can be one of the most challenging times in your life. It is natural to want to expedite a resolution as quickly as possible. Most people want to move on and experience happiness again. But sometimes giving in will give your immediate relief, but can negatively impact your future. A CDFA can play an important role in helping the process move more quickly and insure that a fair and equitable resolution is achieved. Often a CDFA is brought into a case to testify and bring financial clarity to the financial issues. In addition, tax consequences on financial plans can be very complex. An attorney understands the laws that apply to divorce, but they are not qualified to advise on financial issues and do not want the liability that come with making recommendations.
Financial Planning for Divorce - Why Work with Tranel?
The Tranel Financial Group offers divorce financial planning services. Our planners help walk you through the steps of organizing your current finances and plan for your financial future to help ease the divorce process. We can meet with you before you meet with an attorney in order to help you make responsible decisions for yourself, your investments and assets during this emotional time. Call us today at (847) 680-9050 or fill out our Contact Form so that we may reach out to you.