Do you need a financial expert evaluating your marital property?

| Sep 8, 2020 | Divorce |

In a Minnesota divorce, there are often many details to be worked out and agreed upon before the separation moves forward. One of the most important and often contentious elements of a divorce is the division of marital property. Disagreements can occur regarding property values and personal ownership items, not to mention assets of either spouse before entering into the marriage.

One opportunity for compensation

There are specific rules that apply in Minnesota when marital property is being distributed, and the time of divorce is typically the only opportunity to ensure an equitable financial settlement is part of a divorce decree. This is why it may be the right decision to retain a certified divorce financial analyst, or CDFA, when evaluating marital property.

What a CDFA can do

Disagreements between spouses regarding property values are a real issue in many divorces. Individual claims of property value can vary significantly if there is no qualified professional providing neutral valuation of what is to be divided. Having a certified divorce financial analyst providing information that supports a claim can be a real advantage when a divorce case goes to court. Your financial professional can pinpoint each individual asset in terms of value, allowing the divorce attorney to apply the amount to the total compensation necessary for an equitable division of marital property.

Extended advantages

A CDFA can also help by assisting in household budgeting after a divorce is final. The standard of living before the separation can matter in property division following a divorce, and a CDFA can help with understanding household budgeting after the separation is complete. Even when temporary living accommodations are made before a divorce is final, a CDFA can help set financial goals, establish a solid working household budget and set retirement objectives after the fact. This gives the family law attorney documented evidence to support an equitable divorce settlement amount request.