If you are going through a Massachusetts divorce, chances are you are worried about your finances. Clearly, people want to maintain their lifestyle as much as possible post-divorce; but running two households consumes more of the budget, or perhaps your spouse was laid off from his or her job.
When going through a divorce, you will first and foremost need information. Without information – good information from a trusted source – how will you know how to make the best decisions for yourself and your children? Well, you won’t. Your first move should be to meet with a Massachusetts divorce attorney or attorney/mediator. If your divorce is from another state, then you should talk to a lawyer from your jurisdiction of course. In some cases, people may consult with a financial professional at the time of divorce. For very complex cases or in other specific circumstances, divorce attorneys may enlist the assistance of a financial professional. For example, an appraisal of a business may be needed or a pension may need to be evaluated.
There are a few things to consider when selecting a financial professional for help during your divorce. Although this field is generally well-regulated, we know by watching the news that finding someone with high ethical standards is the key. For those on the fringe or without certain professional education and training, there may be very little oversight or training. Experience is also an important factor. Here are some things to consider when selecting a financial professional:
- Why are you hiring a financial professional? Try to match your needs with the person’s experience and specialization. Do you need an expert in college financing or portfolio management? Are you looking for a person that will work with both you and your spouse as a neutral expert as part of your divorce mediation or collaborative divorce? This closely ties in with the next bullet point.
- Credentials – There are professional designations you should look for, including:
- Certified Public Accountant (CPA)
- Certified Divorce Financial Professional – (CDFA)
- Certified Financial Professional (CFP)
-Certified Divorce Financial Planner (CDFP)
Beware of people who may be trying to capitalize on your situation. Ask a lot of questions and do your homework. Besides professional designations from respected organizations, you may also want to consider a person’s educational level and experience. Ask if they have liability insurance and for professional references.
Licensed professionals, such as CPAs, CFPs, and CDFAs are required to attend ongoing training and education. Other third-tier designations may have no such requirements.
An experienced Massachusetts divorce lawyer or mediator should be well-versed with the financial issues surrounding divorce. Some may use advanced divorce financial software in their process to help you view different support scenarios, etc. If you want to consult with a divorce financial professional, then asking a respected divorce lawyer in your area for a referral is a good place to start.
Stephen McDonough is a Massachusetts divorce lawyer and mediator. He is the owner of the The Divorce Collaborative LLC, a law firm with offices in Franklin and Bedford, MA. If you live in the Millis, Norfolk, Walpole, Medfield, Medway, Wrentham Concord, Lexington, Billerica, Carlisle area, and need more information about divorce, collaborative divorce, or mediation in Massachusetts, please visit www.divorcecollaborative.com or call (877) 842-1199.