We all know that divorce can be an emotionally painful and complicated process. But what people often don't realize is that there are many financial challenges associated with a marriage dissolution. This may be the first time you prepare a budget; list all your assets, including cash accounts, retirement plans and investment accounts; and account for your debts, including mortgages, car loans and credit card balances. The financial aspects of a divorce are multiple, sometimes very complex, and have a lasting impact on your future. That's why a divorce financial planner working alongside your attorney is an invaluable resource for your future.

In order to give you the best legal advice possible, an attorney relies on your knowledge of your finances. Many of these questions concern your finances prior to, during, and after your marriage. Knowing the specific needs of your family can be a challenging task, especially if your partner previously managed your household finances. A divorce financial planner can help you be as well informed and prepared as possible so that your attorney can manage your case with you and your family's best interests in mind.

The role of a divorce financial planner may vary from case to case, but in all cases, the financial planner works under the guidance of the attorney. The attorney is the legal expert, advising as to legal rights, while the financial expert becomes part of the team, dealing with financial & tax issues and appearing as an expert witness, if needed.

CPAs are trained and skilled in the area of presenting financial information as of a particular date. Documents from the past, such as tax returns, W-2s, bank statements, and others, are utilized when reviewing a listing of assets and liabilities, to determine completeness of such information. Taxes very often need to be addressed and calculated, and a CPA can assist in this area. CFPs are trained and skilled in assisting clients in developing a plan to meet their future goals, given certain known facts and assumptions. CFPs have been trained in the area of insurance, retirement, employee benefits, investments, and estate planning. CDFAs have received specialized training in the financial complexities of divorce and may have a CPA or CFP license. The training includes the areas of income analysis for support purposes, valuation of assets and liabilities, and analysis of future cash flow.