Financial disagreements are among the leading causes of divorce, and couples in Minnesota and other U.S. states may find it difficult to navigate the complexities of the division of assets. Disagreements over family finances can easily arise because of the emotional connection between finances and security.
Couples who are facing divorce may need the help of a divorce-focused financial planner, especially due to the emotional stress connected with the dissolution of a marriage. With stress running high and plenty of daily obligations to think about, finances shouldn’t be yet another source of confusion or unrest.
A financial planner may be able to help a couple who’s divorcing make wise financial decisions that can prevent the feeling of having to start from scratch. Even though it might seem like an extra cost initially, a financial planner may be able to help make the process of dividing financial assets less problematic in the long run.
Specialized knowledge can alleviate confusion
A divorce-focused financial planner, or CDFA, works with individuals and their lawyers to ensure that assets are divided fairly during the end of the marriage. This type of professional may achieve this goal by helping people identify their financial goals and what kind of lifestyle they expect for their future. A CDFA may help individuals set a realistic budget by collecting expense data while taking future goals like retirement objectives into account. The primary objective of a CDFA is to ensure the decisions individuals make during a divorce will leave them with strong financial futures later.
If you’re facing a divorce, a CDFA can help you gain a comprehensive understanding about your current finances so you’ll be protected long-term. Additionally, an experienced divorce attorney may be able to assist you with the process of navigating the division of assets and other matters pertaining to the divorce.
