I’m not certain my lawyer has a good handle on the financial aspects of my …

“I’m not certain my lawyer has a good handle on the financial aspects of my divorce. What should I do?”

You’re wise to trust your instincts when it comes to financial matters. Money mistakes can be very costly in a divorce situation, not only in terms of dollars and cents, but also in terms of the effect they may have on your ability to move on with your life.

Here’s what I would do: First ask your lawyer such questions as:

• “Why do you think this number is a good number for me”;
• “Will I have to pay any taxes?”;
• “Is there any kind of penalty associated with these assets?”;
• “What are the consequences if I accept this settlement?”

Your lawyer might have a good reason why he/she is recommending a particular financial item.

If you’re still not satisfied with your lawyer’s explanation, you should consider asking a CPA or a Certified Divorce Financial Analyst to look over your financial situation. A Certified Divorce Financial Analyst is specifically trained to identify possible financial slip-ups in a settlement. Furthermore they can help you see the impact of the choices you are making.

A divorce is a watershed financial event in your life. It will have consequences for many years into the future. You need to be aware not only of what looks fair now, but what the potential is for a particular settlement to meet your future needs.

If you decide to hire a Certified Divorce Financial Analyst let your lawyer know, so he/she can provide any information required and the two of them can work together for your best interests.

Maggie Tolbert, CFP, CDFA, works exclusively with divorcing individuals and couples in Dallas, TX.