The big financial decisions in life require both planning and, often, advice from professionals. However, people undergoing a divorce often go through the experience without either a safety net or an understanding of how much their lives will be affected by the decisions they make.
"People think of buying a house or putting their kids through college as the big financial decisions in life, but the biggest financial decisions people make happen when they go through a divorce," said Carol Lee Roberts, general manager of the Institute of Divorce Financial Analysts. The IDFA oversees the Certified Divorce Financial Analysts designation for financial advisors.
The divorce experience has broad and far-reaching consequences that affect the rest of an individual's life. It also has enough twists and turns that many financial advisors — particularly those focused on female clients — are getting CDFA training to help their clients through the experience.