When Colorado couples decide to seek a divorce, finances are one issue they will have to deal with. For many couples, disagreements over money lead them on the path to divorce. The way finances are handled and organized during this period can impact one’s quality of life for many years to come.
Working with a certified divorced financial planner
One way couples might choose to plan for a balanced division of property and financial stability after their marriage ends is by working with a financial planner, especially a certified divorce financial analyst (CDFA). A CDFA is certified by the Institute of Divorce Financial Analysts after he or she passes a certification process that includes training, examinations and work experience. Couples might choose to work with one CDFA together in an amicable divorce, or each person might choose to work with a different person.
How a CDFA can help divorcing couples
A CDFA can help divorcing couples to honestly look at their finances as they get ready to split their assets and make realistic plans for their future, including what they can and cannot afford, for example, when it comes to a home. A CDFA’s assistance can prove beneficial in many aspects of a client’s life, including:
• Helping a client set financial post-divorce and retirement goals
• Collecting financial information and reviewing all the data
• Creating a budget considering his or her client’s desired lifestyle and what that person can afford
• Discussing joint investments and assets, such as jewelry and furniture, and how to best divide them
• Planning for the children’s higher education needs and costs
The decisions couples make about finances can play a significant role in how satisfied they are with their quality of life after ending their marriage. This is especially true for couples who are closer to retirement. Having a divorce team that includes a family lawyer and a financial analyst who are looking out for their client’s best interests can be an important part of achieving satisfaction.