How do various financial professionals help you navigate divorce?
An Ohio divorce affects your finances, potentially impacting everything from how much you have to pay for housing to how much you have tucked away for retirement. Many people working their way through a divorce are adding one or more types of financial professionals to their divorce teams to help minimize the financial impact of ending their marriages.
Per Kiplinger, working with financial professionals during a divorce may help you determine your financial goals and identify realistic ways to achieve them. Here are some of the financial professionals you may want to enlist to help you.
A certified divorce financial analyst
CDFAs often have extensive training and knowledge of tax law, financial planning and similar areas, making them well-qualified to help you navigate a range of divorce-related issues. Many people enlist CDFAs to help them negotiate and arrive at fair divorce settlements.
A certified public accountant
Many people also work with CPAs when they divorce because a split has a sizable impact on taxes. You might find it especially worthwhile to work with a CPA if your former spouse was the one who handled this area and you are unfamiliar with the process.
A certified financial planner
The primary role of the CFP is to help set you up for financial stability in the future. This might involve helping you negotiate your settlement, plan for retirement, or make low-risk investments, among related efforts.
Before working with any financial professional, ask yourself honest questions about your current financial situation and where you would like it to be in five or 10 years. Doing so may help you identify what professionals are most likely to help you get there.