What Kind Of Financial Support Can Help Me In My Divorce?

Divorce can bring up a lot of financial issues – property division, child and spousal support, and  figuring out how to live on one income instead of two. You may have some questions or concerns, such as:

• What constitutes marital property?
• How do we put a value on marital property and divide it?
• How do retirement accounts and pension funds get divided?
• Should we keep, sell, or refinance our properties?
• If spousal support is a consideration, what is the best way to strategize the support?
• What are the tax implications of how we divide things?

And your comprehensive question might be:  What kind of financial support can help me in my divorce? Who can give me the information I need to make good decisions on these issues?

There are several types of resources you can utilize to help you figure things out. Depending on your need, you may want to consult with a CPA, a Certified Divorce Financial Analyst, or a Credit Counselor.

CPA
CPA’s are Certified Public Accountants and can be useful for people with complicated finances and/or tax situations. A CPA can help a divorcing couple assemble their financial data, so they they know and understand their economic status in order to make decisions about their current situation and to plan for the future. He/she can also assist couples in determining the tax benefits and costs associated with the property division, and the tax ramifications of different spousal and child support combinations.

Certified Divorce Financial Analyst (CDFA)
CDFA’s are trained professionals who have passed certain tests to become a financial analyst specializing in divorce issues. They are commonly used when a couple has large assets or a business to divide. A CDFA helps clients take care of not only their short-term needs, but their long-term needs as well. He/she can help you negotiate a divorce settlement that is fair to both spouses, and can also provide you with the knowledge you need to ensure both parties will be secure in their financial needs after the divorce.

Credit Counselor
If you have a lot of debt, you may need to go to a credit counselor or file for bankruptcy.  Credit counselors are often free or low-cost and can assist you in determining the best options to meet your needs by advising you on managing your money, offering solutions to your current financial problems, and developing a personalized plan to help you prevent future difficulties.

Although these resources can help you work out your financial issues connected with divorce, you must be very careful about choosing the person(s) you work with. Some financial professionals might see your assets as possible “investment” opportunies rather than what’s best for you. Ask for recommendations from some of their clients, if possible. At least make sure that you feel comfortable with them, that they have been in business for awhile, and that they work within the divorce arena.

Divorce With Dignity divorce specialists take a holistic approach to helping their clients achieve a peaceful divorce. That means that in addition to assisting them with divorce planning and filing the divorce papers with the court, we offer referrals to other professionals, such as financial support consultants, depending on each client’s situation. To find a Divorce With Dignity specialist near you, please visit our website.