Divorce Attorneys Are Not Financial Advisors!
By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC
While divorce attorneys can provide guidance on legal issues such as marital and child support, visitation rights and custody issues, they are not financial advisors, and their advice may not always be in your best financial interest. In addition to the legal aspects of divorce, there are also financial considerations that need to be addressed during this process that could have far-reaching implications for your financial future. A Certified Divorce Financial Analyst (CDFA®) can be a valuable resource in this area and help you find peace about this portion of the process.
The role of a CDFA®
A CDFA® is a professional who specializes in the financial issues of divorce. They can help you understand the financial implications of different divorce settlements and help you make informed decisions about how to divide assets and debts. Some of the services a CDFA® can provide include:
A CDFA® can analyze your financial situation and provide information on how different divorce settlements may affect your financial future.
A CDFA® can help you understand the tax implications of different asset division scenarios that help you negotiate a fair settlement.
A CDFA® can help you understand your rights and responsibilities when it comes to dividing debts and liabilities.
A CDFA® can help you understand the impact of divorce on your retirement savings and help you create a plan for the future.
The risks of relying solely on a divorce attorney for financial advice
While divorce attorneys are experts in the legal aspects of divorce, they may not be trained in financial analysis. This can lead to a number of problems, including:
Lack of understanding
A divorce attorney may not fully understand the financial implications of different settlement options, which can lead to decisions that are not in your best financial interest.
A divorce attorney may not be aware of all the financial options available to you, which can result in missed opportunities to negotiate a better settlement.
Overreliance on legal advice
By relying solely on legal advice, you may miss out on valuable financial guidance that could help you make better decisions about your future.
Why a CDFA®is a valuable resource
A CDFA® can provide specialized financial advice that complements the legal advice provided by your divorce attorney. By working with a CDFA®, you can have a better understanding of your financial situation and the implications of different settlement options. This can help you make more informed decisions about your future and ensure that your financial interests are protected during the divorce process.
It’s important to have the right professionals on your side. While divorce attorneys can provide valuable legal advice, they may not be trained in financial analysis. By working with a CDFA®, you can have access to specialized financial advice that can help you make informed decisions about your future. By understanding the role of a CDFA®, you can ensure that you are getting suitable advice during your divorce.
Duncan E. White is a Certified Divorce Financial Analyst (CDFA®) and has been a licensed financial advisor since 2010. He leads a Second Saturday Divorce Workshop each month for the benefit of those seeking information about the divorce process.
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Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. LPL Financial and Inkpointe Divorce Solutions do not offer tax, legal or mortgage lending services or advice.