My clients are terrific. They are all unique with their own special gifts and ways of looking at the world. I learn something from each of them. And yet, the way they feel when they first come to me is so incredibly heartbreaking….and unnecessary.It takes incredible courage to admit that their financial situation isn’t where they’d like it to be, and to bear their souls about the inner most secrets of their financial lives. Just that alone is enough for me to want to wrap my arms around them and protect them from further hurt.
If you decide to initiate the divorce process, take the time to research all your finances thoroughly. Once your intent to divorce is verbalized, the emotional roller coaster begins. Hopefully it doesn’t include the hiding of assets or deceitful misrepresentation.
Even if you don’t understand what you’re looking at, finding information can be very helpful for you. Your lawyer and Certified Divorce Financial Analyst will know what to do with it all.
The list of potential financial mistakes made while divorcing can be extensive. It is an exhausting, emotional time for everyone. Every money decision is emotional to begin with, and this stress just adds to the mix. Divorce and finances can become complicated and dividing assets can be complex, which is why the finance industry CDFA © designation exists. Long ago, lawyers used to divide assets on a spreadsheet. But as finances grow in complexity, it is important to talk with your accountant on how to prepare for divorce financially and to have a CDFA do the work for you.
A Certified Divorce Financial Analyst (CDFA©) is an industry designated financial expert on helping divorcing couples understand how the financial decisions they make could impact their future.
A CDFA is part of the divorce team. Think of the lawyer as the strategist – they are experts on the law and hired to represent your overall interest when it comes to child custody and financial matters. The CDFA supports the lawyer by helping you understand where you spend your money today, how it will change when you separate, and how it could further change in the future.
In order to be the best Money Coach possible to my clients, a well-rounded understanding of all milestones you might face is crucial. I’m pleased to say I’m now a Certified Divorce Financial Analyst and I am going to share some of the basics to help you start on the right foot if you are wondering how to divorce.