Pennsylvania divorces can involve complex financial issues. One of the most contentious aspects of many divorce cases involves the division of assets and debts, and many people exit their divorces worse off financially. One way that people might prevent financial problems during and after divorce is to work with certified divorce financial advisors (CDFA). These professionals might help their clients understand their finances and avoid making potentially costly mistakes during and after the divorce.
How a certified divorce financial advisor might help
To become certified, CDFAs must complete a rigorous program from the Institute for Divorce Financial Analysts. They must have significant experience, complete an educational program and pass an exam to gain certification. CDFAs have specialized training regarding the unique financial aspects of divorce and the challenges that people might face. A CDFA can work closely with a divorce attorney to help someone achieve better financial outcomes during and after his or her divorce.
What CDFAs do
CDFAs work with divorce attorneys to help their clients by:
• Collecting and analyzing financial information
• Creating a budget
• Establishing retirement goals
• Identifying financial goals
• Discussing and educating them about investments
• Determining an affordable post-divorce lifestyle
• Explaining potential tax consequences
People who have not been involved in their family’s finances may especially benefit from working with both a CDFA and a divorce attorney. A divorce lawyer may work closely with a CDFA so that an individual’s financial interests and objectives may be protected. Working with a CDFA and an experienced family law lawyer may help someone understand the financial impacts that a divorce might have on his or her life so that he or she can take steps to minimize negative financial impacts that could otherwise occur during and after the divorce.
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