Some people in Maryland who are getting a divorce might not have heard of a certified divorce financial analyst, but they may want to consider hiring one. A CDFA may be particularly valuable if you are the spouse who has not been primarily responsible for managing the family finances or if you are divorcing close to retirement.
During the Divorce
A CDFA can work with you and your attorney and may help you at the start of the divorce by reviewing your marital finances and helping you understand the value of your assets, including those you may have forgotten about such as wedding rings and college savings funds. They may also help you determine what your children’s needs for education will be and what your lifestyle will be like after divorce. All of this information can prepare you for the process of dividing property in the divorce. They may be able to steer you away from what could ultimately be a harmful financial decision, such as keeping a home you cannot afford.
After the Divorce
A CDFA can also help you make decisions about your finances after the divorce. This might include creating a budget, determining what you need to put away for retirement and discussing investments. They can also help you identify and make a plan to reach your post-divorce financial goals.
You might be able to reach an agreement about how you will divide property as well as child support and spousal support, if applicable, through negotiations with your attorney. There are situations in which you might have to go to court. Some people may suspect a spouse is hiding assets, or a spouse may simply be uncooperative. If this is the case, your attorney might be able to help you prepare for the hearing.