British Columbia Divorce Information

In an internet article tilted “Divorce by the number” it is very precisely stated that “there’s nothing that can upset a financial plan more quickly and thoroughly than a separation or divorce.” The article describes in detail how to financially prepare for a divorce. If not taken enough precautions, divorce can sometimes financially wreck you There are many instances in which a spouse has become penniless after divorce. Even if you plan to take a simple divorce, make sure that all arrangements for partition of marital property and other financial assets are fair and trustworthy.

The division of marital property is one of the most contested issues of divorce. Marital property refers to any property, assets, money, or debts obtained by one or both spouses during their married life. It can include but not limited to houses, furniture, expensive household articles, silver wares, costly art works, vehicles, jewellery, bank accounts, retirement plants, investments, and other business interests.

At the time of divorce or separation, many people try to hide family’s actual financial position from their spouses. There are also a lot of cases of dissipation of marital property during divorce. It is advisable to take proper and appropriate preventative measures against these financial malpractices. Due to the emotional strain of separation and divorce, people tend to make financial blunders during their divorce. An expert like a certified financial divorce analyst (CFDA) can help you to go through divorce without making any financial mistakes.

CDFAs are trained financial professionals and their services can be very helpful when you prepare divorce settlement with your spouse. They give you valuable advices on various financial matters such as division of pension plans, continuation of medical coverage, and tax consequences. A CDFA helps you to assess the value of marital property and also to arrive at an equitable division of marital property and debts between you and your spouse.

A divorce financial analyst can make you understand about the future consequences of a divorce settlement. He or she also assists you to prepare a monthly budget according to your income after divorce. CDFA also helps you to avoid misunderstandings and false expectations while preparing the divorce settlement.

CDFAs cannot act as lawyers and they are not able to give you any legal advices. Their role is limited to giving your financial advices during divorce. However, in some cases, especially in collaborative divorce cases, they may serve as mediators. Anyway, these professionals can help you to have a simple divorce and make you financially more secure and independent.