If you are getting a divorce in Kentucky and have not been very involved in the marital finances or are close to retirement, you might benefit from working with a certified divorce financial analyst. Some people may not have heard of a CDFA, often because they are not the primary person who handles money in the relationship and lack the same access to professionals, but a CDFA may help ensure that you get the kind of financial settlement you need in a divorce.
Understanding Your Finances
It is not uncommon for one person in a marriage to be what is sometimes called the “out spouse,” meaning that you may be the one who is less familiar with the household budget, assets and insurance needs. A CDFA may review your current financial situation, including your marital finances, and help you determine what you may need post-divorce. They can discuss investments, help anticipate children’s needs and help with such difficult decisions, such as whether keeping the home in the divorce is financially feasible.
Planning for the Future
In addition to helping you determine what you can expect from property division, CDFAs may also help you set financial goals, create a budget for after the divorce and save toward retirement. If you are divorcing later in life, a CDFA might be particularly valuable in helping you revise your retirement plans.
Getting a divorce does not always mean that you have to go to court and fight over assets or custody. In fact, a collaborative divorce or other alternative dispute resolution approaches to divorce can help you resolve any issues more quickly and with less stress than going to court. Negotiating with your spouse can also give you more control over the outcome. If your spouse is not cooperative, litigation may be the right option.