Financial Analyst May Help During Divorce Process

Financial Analyst May Help During Divorce Process

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The process of going through a marital dissolution in Colorado can understandably feel unsettling from the start. In fact, divorce can be emotionally draining even in what appears to be a relatively amicable divorce. Unfortunately, making momentous financial decisions can be difficult when one is trying to juggle the emotional challenges of divorce as well. For this reason, hiring a Certified Divorce Financial Analyst, or CDFA, is a wise move prior to getting a divorce. 

A CDFA can help a person who is going through divorce to decide early on whether he or she can afford to hold onto the marital home. Likewise, this professional can help divorcing individuals to decide whether they will need to take on higher-paying jobs to maintain their pre-divorce lifestyles. A CDFA may also paint a picture of how a divorcing individual’s financial future may look in the years following divorce.

A major benefit of using a financial analyst is that these individuals often have software available to help with gathering and organizing their clients’ financial data. These data can then easily be used to make important calculations regarding liabilities, assets, income and expenses. This is especially invaluable for a divorcing spouse who does not have much of an understanding of the family finances.

In addition to working with a CDFA, it is important to contact an attorney in Colorado as early as possible during the divorce process. The attorney can help a divorcing individual to make educated decisions regarding how to split certain assets and liabilities — for example, collectible items and debt. The attorney’s chief goal is to make sure that the client’s rights and best interests are protected during each step of the divorce proceeding.