Divorce comes with financial considerations even when the two spouses have relatively meager net worth. For example, either a settlement or a trial could determine the ownership of a jointly held Michigan home. What happens when a spouse who never handles home-related responsibilities becomes the owner? Perhaps a financial planner could assist with these and other questions.
There may be many other financial issues that arise during or after the divorce. A certified divorce financial analyst, or CDFA, could be helpful when a person is seeking advice on various financial matters. A CDFA specializes in advising on financial concerns associated with a divorce, so they may possess knowledge and expertise a traditional financial planner lacks.
Professional acumen might be valuable to someone dealing with a divorce. A divorcing spouse may find him or herself overwhelmed by all the responsibilities that the divorce brings. The ex-spouse might now deal with car payments, household expenses, child care costs and various other fiscal responsibilities that the other spouse once handled. Trial and error could prove disastrous, which is why working with a financial planner is beneficial.
Debt might also add to the confusion. How can a person deal with debts left in his or her name? What about taxes due on past jointly filed returns? A CDFA might provide insights that help the person through these things. After the divorce, an individual might need to cut non-essential spending out of a budget. A CDFA could point out things that aren’t necessary. The CDFA may even suggest ways to take the newfound saved money and direct it toward debt payments. Sometimes, the necessary solutions require the help of an attorney or an accountant.
Dealing with a divorce may already be complicated and stressful, and financial matters could make things even harder. Thankfully, professionals like financial analysts and family law attorneys provide services to those in need.