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Divorce and the need for financial planning

On Behalf of | Aug 13, 2020 | Divorce

Financial planners provide helpful assistance to clients on many fiscal fronts. Putting money away for savings or devising a more prudent budget isn’t always easy, and when a person also faces a divorce, financial matters could become even more complicated. Exploring help from a certified divorce financial planner, or CDFA, might prove beneficial when navigating complex and confusing money issues.

A CDFA specializes in helping people deal with financial matters associated with divorce. As statistics show, financial disagreements often serve as the basis for divorce. When two spouses no longer see eye-to-eye on investing, spending and other money matters, a marriage might fall apart. Poor financial situations could entirely upend someone’s life, so a spouse who feels that a partner drags him or her down financially may seek to dissolve the union.

The divorce, however, could raise concerns among individuals who did not primarily handle fiscal issues. A spouse not involved with the household budget may be unaware of how much money becomes necessary to maintain a house. A remaining mortgage balance could further complicate things. Questions about refinancing or selling might come up, so a CDFP could provide insights about possible solutions.

Ex-spouses left with debt might not know how to get out of the quagmire. Paying off debts, especially high-interest loans and credit cards, could prove overwhelming. A financial planner may look at a specific debt situation and present potentially reasonable options.

Matters involving any children might come into play as well. Parents may not fret much about cutting back on their budgets, but taking money away from a child’s care and education could be out of the question. Discussing child-oriented issues with a CDFP might be necessary.

Divorce brings forth many concerning matters, and some are financial. It might be wise to consider working with a financial planner. A family law attorney may be able to recommend helpful professionals to guide a person through their divorce.