Louisiana residents who have decided to pursue a divorce might wonder how to approach the division of property. Negotiating who gets what in a divorce can be a difficult process that might be further complicated when emotions are involved.
A professional who might help make this process easier is a certified divorce financial analyst, or CDFA. A CDFA might help a person who is starting on the road to divorce to make concrete financial plans for life after the dissolution of the marriage. With this type of planning, an individual undergoing divorce does not feel like they are starting from nothing or that that they need to fear and worry about an unstable financial future.
What does a CDFA do?
A CDFA can provide support for one or both spouses during the negotiation of the divorce settlement. This support can include:
• Ensuring that the division of property is fair and just
• Gathering financial documents and data
• Designing a realistic budget for post-divorce life
• Helping their client set retirement goals and the steps to achieve them
• Making a financial plan for the education of the couple’s children
• Assisting in the division of often-ignored property, such as family heirlooms and even wedding rings
A CDFA’s long-term impact on their client
Hiring a CDFA during the divorce process can have positive long-term impacts on a client’s life. This is particularly true for couples over 50 who end their marriage since they are closer to retirement. A CDFA’s assistance might result in having the financial stability necessary for good quality of life and the ease of knowing that retirement savings are growing until they are needed.
CDFAs can also work closely with a person’s lawyer during the divorce process. Together, a strong team of professionals might help their client decrease the stress that is often present during this time while negotiating on their behalf.