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A financial planner can help in a divorce

On Behalf of | Sep 2, 2020 | Family Law & Divorce

Minnesota residents who are going through a divorce have many different issues on their mind. Often, this leads them to overlook key financial planning details when they are making decisions that will affect their future. Hiring a certified divorce financial planner, or CDFP, can help take some of the pressure off an individual.

Some people getting divorced have either never budgeted on their own or have not handled their own finances in years. They may not even know what amount they need to live on their own. The stakes are even higher when someone is nearing retirement and wants to be in a position to stop working.

Not only will the CDFP point out financial considerations that are being overlooked, but they may help their client determine what they need to seek in the divorce. The CDFP could work closely with the attorney to help formulate a negotiation position. People are often too close to their own divorce to know what they need to ask for in the settlement negotiations. This can include not addressing things such as the costs of the children’s education and a share of their spouse’s pension. Beyond the divorce, the CDFP could help their client formulate a budget and figure out how they will meet their financial goals in the new life that they make for themselves.

A divorce attorney may recommend other professionals that their client can hire in order to be in the best position for their post-divorce life. People going through a divorce are usually not thinking about the big picture since they are preoccupied with the details of the divorce. They often need the counsel of an attorney and a financial professional to help them get the best possible settlement and help them get started anew.

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