A financial advocate looks out for your best financial interests. Because divorce involves making financial decisions about asset division, spousal support and child custody, it’s helpful to have a financial expert looking out for your interests.
A divorce financial specialist can make the complicated financial issues easier to understand, so you feel more confident about the financial decisions you make.
Keep in mind that a financial advocate is different from a financial neutral. While a financial advocate looks out for the interests of one party, a financial neutral helps both spouses find an agreement that meets their needs.
Why Do You Need a Financial Advocate During Divorce?
Divorce is a very emotional time—and it’s also a time when major legal and financial decisions are being made. The decisions you make during a divorce often have long-term financial consequences. While a lawyer can help you through the legal issues of divorce, a financial advocate can help you with the complex financial issues of divorce.
What Are Some of the Financial Decisions Made During Divorce?
While every divorce case is unique, most involve making decisions about how assets will be divided and spousal support. If children are involved, child custody and child support issues are also made.
The division of property can be complex. Here are some common issues a divorcing spouse must consider:
- Who should keep the house? If one spouse keeps the house, then decisions are made about how it should be valued. Also, what are the financial consequences of staying in the home? If the mortgage is in both names, the debt will need to be transferred to one name only. What are current interest rates? How much will your new mortgage be to stay in the same home?
- How should retirement funds and pensions be divided? Valuing pensions can be intricate. The division of these assets can also have tax consequences.
- Should one spouse receive spousal support? Determining income, especially when factoring in executive benefits or business ownership can be complex.
What are Other Benefits of a Financial Advocate?
A financial advocate can help you look toward the future. For instance, they can work with you to determine your future financial goals and to develop a budget. They can help you identify what type of lifestyle you want as well as your retirement objectives. If you are not ready to look that far ahead just yet, your financial advocate will have your best interest in mind as they provide guidance so you have as many options as possible for your future.
How can a Certified Divorce Financial Analyst® Help?
A Certified Divorce Financial Analyst® is skilled in analyzing and providing expertise in the financial issues of divorce. They can look at both the short-term and long-term effects of dividing assets—and integrate tax ramifications into their analysis.
These specially trained financial advisors can work with you and your attorney to provide strategy and expertise to negotiate or litigate from a position of strength. Because they can provide both you and your lawyer with data that shows the financial effect of any given divorce settlement, you can feel more comfortable and informed about making decisions.
When making financial decisions during a divorce, you need a financial professional on your team.
Contact us today to schedule a complimentary consultation and learn more about how we can be a financial advocate for you.