Couples with significant assets and a high net worth may wind up fighting over finances. Financial disagreements can get so heated that they become a primary cause of divorce in Maryland and other locales. About 22% of all divorces arise from financial arguments and related problems. For most married couples, money equals security, and when the finances create insecurity, the marriage may end. In such cases, the services of a certified divorce financial analyst, or CDFA, can help to facilitate the end of the relationship in the most equitable manner.
Women often wind up underfunded
Many families have the husband as the primary breadwinner, which leaves the wife at a disadvantage if the marriage ends in divorce and she does not have sufficient assets. One way to address that problem is to hire a CDFA to examine the family income and finances and determine an equitable share when a divorce is imminent. Unfortunately, most people getting divorced are not aware of a CDFA or how one could help ensure a fair settlement when a marriage ends.
Significant long-term benefits
The potential benefits of using a CDFA to ensure a fair distribution of family assets can last the rest of a divorced spouse’s lifetime. Instead of relegating one spouse to a life of poverty or at least a significantly decreased lifestyle, the CDFA can ensure that a more equitable financial settlement is in order. That includes making sure any family plans, like paying for the college educations of children, continue unabated.
Divorce can have many issues tied to finances that need a professional to untangle. A CDFA often does that while helping to keep financial settlements fair. A divorce attorney may work with a CDFA to help ensure that the client receives a fair settlement.