How can a CDFA professional obtain financial information from the other spouse?

A CDFA professional can obtain financial information from the other spouse by having the client's attorney subpoena the other spouse. This method is often necessary when the other party is uncooperative or refuses to voluntarily provide the required financial documentation. A subpoena is a legal document that commands an individual to appear in court or produce requested documents, thereby compelling the other spouse to disclose financial information, such as income statements, tax returns, account statements, and asset valuations that are crucial for an equitable settlement.

This approach is particularly important in divorce proceedings, where full disclosure of financial situations is vital for fair negotiations and asset division. A CDFA must work collaboratively with legal counsel to ensure that all necessary financial documents are gathered, especially in cases where one spouse may be withholding vital information or is not forthcoming.

Other methods, such as direct communication or relying on the client to ask, may not yield the necessary results if one party is unwilling to share information. Consulting financial advisors typically pertains to assessing financial conditions and not directly obtaining information from the spouse. Therefore, utilizing a legal avenue such as a subpoena becomes the most effective and sometimes necessary approach to secure complete and accurate financial data for the division of assets and liabilities during divorce proceedings.