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The benefits of using CDFAs in later-age divorces

Divorce is not painless, but the process is often easier for younger couples, who can bounce back more quickly than older divorced couples. Long-married spouses have extensive histories of emotional and financial commitments that younger ex-spouses may not.

U.S. Census Bureau statistics say the occurrence of older-age divorce has increased sharply in the last two decades. A 50 percent increase in divorces for those between 48 and 66 years of age has given rise to the need for financial experts who specialize in the division of marital assets.

An estimated 1,500 Certified Divorce Financial Analysts now serve clients in the United States and Canada, a number that has doubled every year for the last decade.

Advisers who specialize in money matters are frequently called to help retirement-age clients plot a safe course for estate plans and non-working years. CFDAs do double duty by advising older spouses who are also getting divorced.

Divorcing later in life combines worries about retirement comfort levels and older-age singlehood. Assets that couples shared and built through possible decades of marriage -- marital homes, pensions and long-term investments -- must be tallied, examined, valued and divvied up.

CDFAs often meet with divorcing spouses together with hopes that sensitive money issues can be resolved reasonably. Cases for clients undergoing contentious marital breakups might lead to a recommendation for separate financial advisers.

And just like many attorneys suggest with negotiating prenuptial agreements, CFDAs encourage couples of every age to seek help with asset division as soon as possible, before a divorce settlement is reached. Battling about assets after a divorce decree is issued can be litigious or expensive.

Source: The Huffington Post, "Divorce Retirement: Financial Advisors Face Challenges When Couples Split Later," Jessica Toonkel, Mar. 12, 2012

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