People generally understand that getting a divorce will probably impact their finances. What they may not realize is just how big that impact can be and exactly what to do about it. There is a fairly straightforward answer, however, that may make all the difference, especially in the case of a high asset divorce. Anyone here in Maryland considering getting a divorce may want to work with a financial advisor.
There are many people who know how valuable a financial advisor can be when building their personal financial picture, but an advisor can also help during divorce. He or she can consider the long-term financial impact divorce may have on a person’s life. Some may even choose to work with a Certified Divorce Financial Analyst. A CDFA will look at current income, retirement savings, assets, tax implications and more. All of this information combined will indicate what a fair divorce settlement may look like.
Fairness in a settlement is often especially important for women. Statistically, a divorce more often negatively impacts women’s finances than men’s. One study found women’s household income drops by 41% post-divorce. Working with a CDFA or another financial professional may help both parties financially thrive. If the former couple share children, this may be very helpful as financial stability is important to their well-being.
A financial advisor may play an important role during a high asset divorce, but there is another type of professional that can have an even greater impact. Those here in Maryland considering divorce may want to work with a family law attorney. A legal professional with extensive experience handling divorce cases can consider all aspects in order to reach a resolution that is fair to all parties involved.