Financial matters could create a great deal of stress for married couples. When spouses in Texas find themselves headed for divorce, the situation might become even more troubling. Working with a financial planner may help alleviate some concerns, but is it necessary to hire a financial planner who specializes in divorce-related matters?
Benefits might exist when hiring a certified divorce financial analyst (CDFA). These financial planners work with people needing financial advice and counseling during and after divorce proceedings. Then again, speaking for one before proceedings start might be a possibility. Usually, the quicker someone gets a proverbial handle on financial concerns, the faster he/she might be able to alleviate money-related issues better.
Working with a specialist may have some upsides. A divorcing spouse may present questions outside the usual wheelhouse of a “standard” financial analyst. What happens when a spouse who always filed jointly and never handled taxes before must now make estimated payments and deal with accountants? How does that same spouse budget for a house by him/herself and take care of multiple insurance responsibilities?
Perhaps the guidance of a CDFA could provide insights here. Thanks to this professional’s unique experience, the offered suggestions may be valuable to a divorcing/divorced spouse. Traditional financial planners could be helpful but, remember, they are not divorce specialists. Someone dealing with financial concerns related to a specific situation might want to work with a professional who likely better understands the situation.
Financial advisors are not attorneys, though. Clients seeking legal advice would probably benefit from speaking with a divorce attorney. Someone who feels an ex-spouse should pay more in child support might have questions about stretching a budget. The financial analyst may lend advice on better budgeting. Insights on how to petition for more child support, however, might come from an attorney.