Much of the divorce process in Michigan can be difficult if you don’t have the proper assistance. One of the more complex parts of the process occurs when financial disagreements come up during your divorce. This is why the following information is so important if you find yourself in this situation.
Why financial issues are likely to arise
The unfortunate reality is that a large portion of divorce cases occur because of a disagreement with family finances. This issue can escalate tension rather quickly as money is often connected with safety and security. When spouses do not feel safe and secure, they are more likely to want to leave the marriage altogether. If divorce papers have been presented, and it may have been due to financial reasons, it is highly recommended to consult a finance professional and an experienced lawyer as soon as possible.
Bringing on a CDFA
In a recent 2019 survey, only about 4% of women going through divorce knew of and utilized the services of a certified divorce financial analyst, or CDFA. Not understanding marital finances often leads to the mishandling of assets and unfair division of them.
What can a CDFA do for you?
The way that a CDFA will serve you is that they will work closely with your personal attorney to lay out favorable financial objectives. Some of these include crafting a budget, determining investment options and assessing how much your child’s education is going to cost. Their main goal is to lay out a plan that will place you in a solid and favorable position years after the divorce has been finalized.
As you can see, the process of going through a divorce is often riddled with obstacles that can affect you for many years. You may want to ensure that you’re being provided legal advice by a family law attorney to lower the risk of making costly mistakes.