Question: I am looking for a financial planner with credentials who can figure out how much money will be required to live on after my divorce is final. where do I start?

Answer: A Certified Divorce Financial Analyst (CDFA) is a designation that a financial professional can earn by taking courses and exams offered by the Institute for Divorce Financial Analysts. These advisors specialize in divorce-related financial issues. The role of the CDFA includes acting as an advisor to one party’s divorce lawyer or as a mediator for both parties. there are nine located in the Cincinnati region. to learn more about divorce-related financial planning considerations, visit the Institute for Divorce Financial Analysts and review their frequently asked questions and referral resources to determine if your situation requires assistance from a CDFA https://www.institutedfa.com/PublicFAQ.aspx

Over and beyond credentials, make sure you work with experienced professionals that have helped other investors through divorce or similar situations.

While your divorce lawyer should be your primary resource to advise you on the division of assets, a CDFA or a licensed financial professional can help manage your assets during the transition and after the divorce is final. You should also find additional advisors to represent you once your assets are split, such as a tax professional and insurance agent. and make sure you update your beneficiaries on estate planning documents, such as wills, trusts and insurance policies to reflect your wishes.

Reading the fine print

Q: A collection agency contacted me about a closed account. My debt has nearly doubled because of interest charged on the account. can a bank charge interest on overdraft fees?

A: You should review the disclosure statement that you received when you opened the account to understand the policies at your financial institution. Although you may have closed your account, you are still responsible for the delinquency fees associated with your account transactions.

According to Emery Federal Credit Union, some financial institutions may institute an “overdraft” loan to cover a negative balance and therefore interest is charged. Overdraft charges may be processed in the following ways:

Most financial institutions will charge daily interest or overdraft fees when an account has a negative balance and will continue to incur charges until the customer restores the minimum account balance to cover transactions.

If an account is not reconciled in a reasonable timeframe, the financial institution may file for a judgment.

Check(s) are flat-out returned for non-sufficient funds

The financial institution will place the overdraft funds into an overdraft loan. These rates can be significant and the loan balance generally includes the amount of the check plus the overdraft fees and accrued interest.

While we do not know the specifics of your agreement with your former bank, none of these outcomes are good for any investors. Talk to the financial institution as soon as possible to resolve the outstanding fees and loan balance.

Nathan Bachrach and Ed Finke are the managing partners of Blue Ash-based Financial Network Group, home of Simply Money, a financial news and money management resource. for more info, tune into Simply Money’s daily radio show on WKRC-AM weeknights from 6-7 p.m. and on the morning and evening news on WXIX-TV (Fox19).

Simply Money: Finding a divorce advisor