The Real Cost of a Divorce

By Carla Fried - 2013-11-25T13:43:42Z

Photograph by Getty Images

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Hire a Financial Specialist

Once the questions of child custody and support are worked out, a divorce typically then divvies up assets. That’s given rise to a sub-specialty within the planning world. Since 1993 more than 5,000 planners have earned the Certified Divorce Financial Analyst designation from the Institute for Divorce Financial Analysts.

“People don’t anticipate the ramifications of giving up certain assets and keeping others, like a house that has taxes and maintenance,” says planner Stewart, a CDFA. The No. 1 financial oversight both parties make, according to Cordell: “Not fully grasping that living costs basically double post-divorce, and they have no more than half the income.” Stewart charges $300 for a basic evaluation and $200 an hour for consulting work.

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