Divorce Financial Checklist

When it comes to divorce, it is more than just paperwork. It is a whirlwind of emotions, hard choices, and lasting decisions that will impact your financial future. At Women, Money & Power, our certified divorce financial analyst, Cathy, has helped countless women navigate these challenging times. If you are going through a divorce, protecting your finances is critical early on, so here’s a financial checklist you can use as a guide.

Divorce Financial Checklist

Step 1: Find a CDFA

Often, in divorce, people only think of getting an attorney. While an attorney is usually a necessity, they will solely provide legal counsel. A Certified Divorce Financial Analyst (CDFA) assists the client and their attorney in understanding the financial implications of the divorce, including tax consequences, retirement plan division, and more. As a team, the client, attorney, and CDFA will analyze how the financial decisions made during the divorce proceedings will impact the client’s financial future and what actions they can take to build the best case for themselves.

Step 2: Prepare Your Paperwork

Before meeting with your CDFA, you will want to prepare your paperwork. Not only will this help streamline the process, but it will also provide you with a moment to review your own finances – especially in areas where you may not have been the primary handler or for accounts that were automated long ago.

We encourage you to download our checklist, as it provides an in-depth list of everything you need and a brief explanation of what they may look like.

Step 3: Meet, Discuss, Plan

During your first meeting with your CDFA, they will carefully review your prepared financial paperwork. This session is not only about examining documents but also about setting a clear agenda for the economic aspects of your divorce. It will include your personal goals, any concerns you might have, and a list of decisions that need to be addressed in the future, like the following big four:

Step 4: Tackle the Big 4

If you do not have a pre-nuptial agreement in place, there will be four key financial considerations to tackle: dividing retirement plans, understanding social security benefits, assessing tax implications, and managing marital debt. To learn more about these big four, click HERE.

Step 5: Build Your Financial Case

All four previous steps in your divorce financial checklist lead us here: building your financial case. With your CDFA, you’ll strategically develop a robust case that covers every aspect of your finances up to the final resolution. Divorce is never easy, but planning ahead can alleviate some of the stress.  By working with a CDFA, you can make informed decisions to positively impact your financial future.

Your Financial Guide Through Divorce

Hiring a certified divorce financial analyst in the early stages of the divorce process is one of the best choices you can make to protect yourself and your assets. Our very own Cathy DeWitt Dunn, a CDFA based in the Dallas, Fort Worth, and Arlington areas, will help you understand your financial landscape, working side-by-side with your attorney to build a solid financial case to support your best interests.

We invite you to take control today by scheduling an appointment with us.