If you are near retirement, you are not very involved in the family finances or you are simply concerned about financial security during and after divorce, you might want to consider hiring a certified divorce financial analyst, or CDFA. These individuals understand the issues that are unique to divorce and can assist people in Illinois throughout the process.
Planning for the divorce
A CDFA can help you go over your finances and figure out what you need during and after the divorce. For example, they can help you determine if it is financially feasible for you to remain in the family home. You also need to know what your children’s needs will be. A CDFA can help you make the right decisions during the divorce that will allow you to maintain a certain lifestyle and lead to your long-term financial security.
Planning for the years ahead
Whether you need help creating a post-divorce budget, need assistance in understanding investments or want to talk about your retirement plans, a CDFA can help. People are increasingly getting a divorce after the age of 50, which means they may need to focus in particular on how their vision for retirement must change.
You might be able to negotiate a divorce agreement without going to court even if your finances are complicated, and this is often less stressful, quicker and less costly than litigation. This also puts you in control of how your property will be divided. However, it is important that you do not sacrifice your own financial well-being in the interest of getting the divorce over with quickly. If your spouse is not cooperative, you might need to go to litigation where a judge will determine the most equitable division of property.