Divorce Financial Research & Analytics
Mark Stephenson, Certified Divorce Financial Analyst Professional (CDFA®)
When a person is considering or currently going through a divorce, they will deal with the emotional stress of separating from their spouse as well as face worrisome and complicated financial issues. As much as any other time, it is vital to get professional financial help with money decisions that will have lifelong consequences.
As a Springfield Certified Divorce Financial Analyst Professional (CDFA®), I help clients and their attorneys understand how the divorce agreement will impact their future financial stability. This includes identifying the long-term effects of dividing marital property; valuing retirement, pension, and investment accounts; proposing alternative property division settlements; and reviewing financial information to project how much money is needed to maintain one’s lifestyle after divorce.
Many divorcing couples have questions such as:
These are the questions that family law lawyers face with each divorce case. However, most lawyers do not handle the intricate financial details that concern tax issues, capital gains, dividing pensions, and so on. Lawyers attend law school to become experts in the law, not to become financial experts. Additionally, even if the lawyer happens to have accumulated a degree of financial expertise, he or she is not allowed to testify on behalf of their clients in court. This is why more and more lawyers have seen the virtue of bringing a financial expert into the divorce process at the very start. Solid information and expert analysis are important resources in their search for the best possible resolutions for their clients.
CDFA® Professionals’ Responsibilities and the Team Approach
- Collect financial and expense data
- Help clients identify their future financial goals
- Develop a post-divorce budget
- Set retirement objectives
- Identify what kind of lifestyle they want and can afford post-divorce
- Determine the costs of their children’s education