One
of the most challenging aspects of a divorce in Edmonton is dealing with the financial issues involved. Many times, lawyers
may deal with the legal issues without considering the financial impact of the
divorce, and this can seriously impact the financial situation of the divorcing
spouses later on. This is why you should consider consulting with a certified
divorce financial analyst early in the process, even if the divorce is
relatively amicable.
A
certified divorce financial analyst is a professional who helps one of the
parties achieve an equitable divorce settlement using his knowledge of asset
distribution and tax law. A CFDA must have at least two years of financial or
legal work experience and must pass an examination given by the Institute for
Divorce Financial Analysts. It should be noted that the CFDA is not intended to
supplant the services of a lawyer or negotiator; rather they work in
conjunction with these professionals to ensure that any settlement reached is
financially fair.
In
addition, they will also look at the long-term implications of the settlement
to ensure that it will not have any negative impacts down the road. For
example, how will the division of assets affect the spouses’ pension once they
retire? How will their financial situation be affected?
How
a CFDA Can Help
The
CFDA can ease the mind of their clients by explaining the financial
implications of the divorce in Edmonton
so that he or she can make informed decisions during the proceedings. In
addition, the services of a CFDA are valuable, not just during the actual
divorce process, but also in the aftermath of divorce, when the separated party
is starting to pick up his or her life. For example, the CFDA can help a client
draw up a budget that will help them deal with expenses such as health and life
insurance costs and cost of living expenses during the post-divorce period.
One
valuable service the CFDA performs is to give their client an accurate view of
what their financial situation will be after the divorce. There is often an
expectation from the client that their lives will continue the way they were
before the separation. Unfortunately, the divorce often takes a high financial
toll and the client will have to adjust their standard of living accordingly.
The CFDA will advise them on what adjustments need to be made to ensure a
healthy long-term financial future, not just for them but also for their
children.
Hiring
a CFDA
When
you are engaging the services of a CFDA to help you with your divorce Edmonton you should not only
look at their qualifications but also how comfortable you are with them, since
you will work closely together on many sensitive and highly personal issues. So
you should take the time to interview them to see how they can help you. During
the interview you should ask them about the types of clients they primarily
handle as well as the other services they may provide such as financial
planning. In addition, you should also ask them for a sample financial plan
that they have drawn up for a client which would give you an idea of what to
expect.
