Divorce is emotionally challenging while also having a significant impact on the personal finances of a couple. Getting the right pros is key to keeping your finances in check when you divorce. Amid the turmoil of a divorce, assembling a savvy support squad is crucial to safeguarding your personal finances.
1. Divorce Attorney
Almost 45% of first marriages in the U.S. end in divorce. Most couples engage a reputable divorce attorney who specializes in family law. Your lawyer will give you sound advice to make sure your money matters are safe and sound. Your lawyer will sort out matters like who gets what, alimony, and who the kids live with after you split.
2. Certified Divorce Financial Analyst (CDFA)
Consider hiring a CDFA, especially if your financial situation is complex. A CDFA can assess the financial implications of various divorce settlement options. A CDFA guides you through the maze of financial choices during a divorce, making sure you’re clued in on how each decision might play out down the road. Remember that an uncontested divorce in Pennsylvania means you can get divorced as soon as 90 days from when the complaint is filed and served. No matter what state you live in, there are rules a professional can help you follow.
3. Forensic Accountant
In cases where there are suspicions of hidden assets or financial misconduct, a forensic accountant can be invaluable. When suspicions arise about hidden assets or sketchy financial dealings, a forensic accountant’s knack for sifting through the numbers can shine.
4. Mediator
A mediator facilitates communication between divorcing parties, working towards a mutually agreeable settlement. Though they’re not there to offer legal counsel, mediators are key in helping you and your soon-to-be ex find some common ground, which can ease up the financial strain of splitting up.
5. Estate Planning Attorney
If your divorce involves updating or creating a will, living trust, or other estate planning documents, consult an estate planning attorney. Only four in 10 American adults have a will or living trust. They’ll make sure your final wishes shine through in the estate plan you’re crafting.
6. Tax Professional
Changes in marital status often have tax implications. Consult with a tax professional to understand how your filing status, deductions, and credits will be affected. A tax pro can walk you through what you might owe and show you how to plan for it.
7. Certified Financial Planner (CFP)
A CFP can assist in creating a post-divorce financial plan. A Certified Financial Planner guides you in mapping out a new budget, aiming for fresh financial targets, and choosing savvy investments tailored to your life after divorce.
8. Real Estate Appraiser
If real estate is part of your marital assets, engage a real estate appraiser to determine the current market value. Getting an accurate read on your property’s worth is key to splitting things fairly when you part ways.
9. Credit Counselor
In the thick of a divorce, getting help from a credit counselor can make all the difference in sorting out shared finances and setting up your independent economic life. When you split up, your shared accounts can take a hit on your credit score, so it’s crucial to stay on top of that. A financial counselor can offer help on controlling debt, starting your credit, and making sure you’re financially stable.
10. Child Support Specialist
When kids are part of the picture, it’s smart to talk with a child support expert who can help you navigate your personal finance options and make sure everything’s squared away fairly for their sake.
Splitting from your partner isn’t just emotionally taxing; it also comes with a maze of financial details that the right experts can help you sort through, making sure nothing gets overlooked. Building a team of experts who’ve got your back is key. They’ll steer you through the money maze and help lock down a solid financial game plan post-divorce.
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