Understanding the ins and outs of property division options can be a challenge. For many in Alabama, that aspect of divorce is the most difficult to weather. Fortunately, help is available from professionals who are trained in the financial aspects of divorce. Known as certified divorce financial analysts (CDFAs), these advisors can help guide spouses toward the choices that are best suited to their unique needs and goals.
A CDFA begins by meeting with their client to discuss their current financial standing, their projected financial needs and long-term goals. Next, various property division options will be discussed, with the pros and cons of each explained in detail. Whether it is the cost of maintaining and eventually selling the family home, the tax ramifications of cashing out retirement accounts or the division of marital debt, each decision can be weighed in light of the spouse's financial goals.
This can empower spouses and their attorneys to create a negotiation plan that is in line with their long-term plans. Informed decision-making is the backbone of any successful negotiation, and spouses who are prepared for this process can expect to fare better than those who have little understanding of the pros and cons of each choice. A CDFA can also help spouses create a budget for their post-divorce life, which can make the years to come far more stable.
Adding another professional to one's divorce team, in addition to one's experienced legal counsel, can be a difficult decision to make. After all, there are fees associated with using the services of a CDFA. However, a CDFA can assist an Alabama divorce attorney in drafting the best possible property division agreement. Using the services of a certified divorce financial analyst may result in significant savings in terms of making better decisions, looking ahead toward the future, and maximizing the value obtained by one's divorce attorney.
Source: marketwatch.com, "6 critical steps to prepare your finances for divorce", Shawn Leamon, July 15, 2016