For those in Texas who are preparing to divorce, figuring out the financial aspects of that process can be an uphill battle. This is especially true for those who have taken a backseat to managing the family’s finances. During the course of a military divorce, there are a great many decisions to be made regarding money matters, and the outcome of those decisions will have a lasting impact on all parties. Fortunately, there is professional guidance available to help spouses make the best possible decisions. Known as Certified Divorce Financial Analysts, or CDFAs, these professionals are well-versed in all of the financial aspects of divorce.
The process of working with a CDFA begins by gathering all financial information, whether it pertains to the individual spouse or the family. Next, the CDFA will help his or her client identify their needs and goals. Once that step has been accomplished, the advisor can help guide the client through the various decisions that must be made in regard to property division.
Topics to be covered will vary from one spouse to the next, but a common issue is the tax ramifications of different property division options. Another matter that a CDFA can help with is determining which assets to pursue during divorce negotiations and working through the pros and cons of each choice. Finally, many military spouses can benefit from creating a budget to help manage their finances both during and after their divorce.
Unlike legal representation, not every Texas spouse will require the services of a CDFA to work through their military divorce. However, for those who are not financially savvy, or who have a complex mix of assets, hiring a professional financial advisor can provide the guidance needed to make decisions that are in line with the spouse’s needs. Often, the cost of those services is recouped by the savings that accompany wise financial choices.
Source: marketwatch.com, “6 critical steps to prepare your finances for divorce“, Shawn Leamon, July 15, 2016