About Certified Divorce Financial Planners

A certified divorce financial planner is an important expert used in a divorce case--especially a divorce case that encompasses a lot of assets and liabilities or a marital business. Assets include tangible items, such as cars and homes, and non-tangibles, such as retirement accounts, stock brokerage accounts, bonds and bank accounts.

Significance

Because of the complications of some divorces, including fighting over assets and other issues with division of assets and liabilities, getting a financial planner involved in the process helps the parties find an equitable way to distribute marital property.

Function

The certified divorce financial planner reviews the parties' stocks, bonds, certificates of deposit, bank accounts, property and all liabilities. He will then draft an equitable distribution worksheet. The first draft of the equitable distribution worksheet equally divides the assets and liabilities. Throughout the divorce proceedings, the equitable distribution worksheet may change from 50/50 to 60/40 or another fraction, depending on whether alimony is ordered and whether some assets are to be used as lump sum alimony.

Time Frame

The certified divorce financial planner does not have a set time frame. She must use the time frame dictated by the divorce proceedings. Additionally, if the court orders an equitable distribution worksheet prior to any hearings or the trial, the certified divorce financial planner will prepare one--or any other reports requested by the court by the date ordered by the court. The court often uses these tools when making decisions regarding temporary and permanent support.

Features

Using a certified divorce financial planner during a divorce proceeding benefits both parties in that they are sure that all assets and liabilities are properly valued. Sometimes, a forensic accountant will be called in to help. The forensic accountant goes through the parties' holdings and tries to find any hidden assets.

Considerations

Prior to choosing a certified divorce financial planner, interview at least four divorce financial planners. Make sure they have the experience to work with your specific case. Also make sure there is enough staff in the office so that your case does not fall through the cracks, and that reports and worksheets can be produced in a timely manner, as requested by attorneys and the court.