Financial planners who help people dealing with divorce
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Financial planners who help people dealing with divorce

On Behalf of | Sep 23, 2020 | Uncategorized

To say going through a divorce causes enormous stress would be an understatement. A divorce can lead many people to fret about matters they otherwise did not involve themselves in, such as financial concerns. North Carolina residents may wonder if they should hire a financial planner when dealing with divorce-related financial issues. Some may benefit from working with a financial professional who specializes in handling divorced or divorcing clients.

Perhaps hiring a certified divorce financial analyst, or CDFA, could be advisable. As the professional title indicates, a CDFA works with clients who are going through a divorce or are recently divorced.

In a marriage, one spouse might handle all the financial issues or a segment of them exclusively. Problems may arise for a person who must now take on specific financial responsibilities unfamiliar to him or her. For example, a divorcee may now need to procure a policy to cover insurance on a car, home or boat. Having not dealt with these responsibilities before, the individual may feel confused. Also, he or she may not personally know a broker or other insurance procurement professional.

As for tax matters, the newly single ex-spouse might have to file a return that is quite complicated. Working with a CDFA could provide ideas about what steps to take, such as whether to hire an accountant.

Other concerns and questions might come up, such as how to set up a budget or plan on future investments. A CDFA may offer insights into these and other areas. A CDFA routinely deals with divorced or divorcing clients and may be best suited to present appropriate responses.

A family law attorney also helps divorcing clients in many areas. An attorney may be able to recommend a qualified CDFA to help their client make sound financial decisions.