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Do you need a certified divorce financial analyst?

Divorcing spouses with high assets and/or much marital property between them may have difficulties determining the true value of all they have acquired during their marriage. Sometimes, too, in particularly acrimonious splits, one spouse may try to hide or convert joint assets to avoid having to divide them.

In either of the above scenarios, it can be helpful to retain certified divorce financial analysts who have been professionally trained to deal with financial issues that crop up during divorce. In some cases, one spouse will retain the analyst to ferret out hidden assets, but in others, couples can share an analyst as they strive to get an accurate picture of their joint holdings.

Certified divorce financial analysts can both support and educate their clients about their financial status. Below are some potential benefits of retaining CDFAs to work in conjunction with your family law attorney.

-- Identifying all income streams

-- Outlining budgets

-- Explaining the ramifications of various tax changes post-divorce

-- Comprehending and clarifying assets

-- Organizing and gathering financial data

-- Analyzing lifestyles

-- Interpretation of complex financial documents or processes

-- Defining both short- and long-term impacts of divorce settlements

-- Inventorying liabilities and assets

-- Drafting statements of net worth

-- Review and analysis of retirement pensions, corporate perks and deferred compensation

While not every divorce will require such a comprehensive approach to the division of assets, if you are involved in a financially complex divorce, it is worth investing the money into making sure that all of your marital assets are disclosed and on the bargaining table.

Source: First Wives World, "What is a Certified Divorce Financial Analyst and Why Do You Need One?," Ivy Menchel, accessed April 21, 2016

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