Some people in New York who are getting a divorce may want to hire a certified divorce financial analyst. A CDFA may understand the unique challenges involved in going through a divorce and offer assistance throughout the process.
Reviewing finances and preparing for divorce
The first thing a CDFA may do is help you organize your marital finances and look at how property might be divided in a way that will leave you with some financial security. If you were not the spouse who did the main work of managing the marital finances, this could be particularly helpful. A CDFA can also help you determine:
• What your children’s educational needs may be
• Whether you can afford to keep your home
• What assets you may have overlooked, such as wedding rings or college funds
After the divorce
A CDFA can also help you look beyond divorce. This will be important for deciding what concessions you can make while negotiating property division. With your CDFA, you can figure out what kind of lifestyle you can afford after divorce. You may also want to talk about investments. For older adults who are getting a divorce, the most critical discussion may be around how retirement plans could change.
This information may help you in negotiations with your spouse about how to divide property as well as whether any spousal support will be necessary. Negotiating an agreement with your spouse and the help of your respective attorneys might be cheaper, less time-consuming and less stressful than litigation. This also puts you more in control of the final outcome. However, if you cannot come to an agreement on all points, you may need to go to court. Your attorney may help you prepare for divorce litigation if necessary.
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