What is a Certified Divorce Financial Analyst®?
What is a Certified Divorce Financial Analyst®? Do I really need one? If you’re going through a divorce, the answer is a resounding yes. A CDFA® is a professional who specializes in guiding clients through all financial aspects related to divorce. There are many benefits to adding a CDFA® to your team of professionals helping you with your divorce. Here are some of the benefits below.
General Financial Expertise
A CDFA® has special socialized training in matters pertaining to personal finance, such as budgeting, asset division, alimony, and child support determination, and the tax implications related to all these decisions.
Third-Party View on Decisions
The next is objectivity, a good CDFA® doesn’t actually tell their clients what decisions to make. They show what option A would be, how it turns out over the long term, or what option B would be and how that would turn out in the long run. Therefore, removing emotion from decision-making allows clients to make informed decisions rather than emotional decisions.
Cost Saving
Furthermore, another real benefit is cost saving. More often than not, people are hesitant at the thought of adding another professional to the mix due to adding another layer of costs. On the contrary, a CDFA® will likely end up paying for itself in the long run. This professional can assist in determining a good asset split that helps the entire family unit. This cuts down on back and forth negotiations, which can significantly increase the attorneys billing time. One of the CDFA®’s responsibilities is to provide the attorney with good quality data on a timely basis, helping attorneys get needed facts quicker.
Creating a New Future
Once the case has been settled, a CDFA® helps you find a new path forward. Life post-divorce is completely different from life pre-divorce, it’s as if you get the chance to press the reset button. Therefore, a CDFA® can help you formulate a new long-term plan, set new realistic goals, and stick to them.
Should I work with a CDFA®?
Your divorce attorney knows the ins and outs of the law, but doesn’t know the financial implications of divorce because that’s not what they go to law school to learn. So, incorporating a CDFA® to your team of professionals when going through a divorce will help with the financial aspect of divorce.
Download our eBook: “Buyer Beware: Why do they keep trying to sell you that annuity?”
Have more questions? Contact Us
Missie Beach, CFP®, CDFA®
Senior Financial Advisor
Click here to schedule a consultation with one of our financial planners.
Listen to Our Podcast:
Recent posts
Share This Story, Choose Your Platform!
Wiser Wealth Management, Inc (“Wiser Wealth”) is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). As a registered investment adviser, Wiser Wealth and its employees are subject to various rules, filings, and requirements. You can visit the SEC’s website here to obtain further information on our firm or investment adviser’s registration.
Wiser Wealth’s website provides general information regarding our business along with access to additional investment related information, various financial calculators, and external / third party links. Material presented on this website is believed to be from reliable sources and is meant for informational purposes only. Wiser Wealth does not endorse or accept responsibility for the content of any third-party website and is not affiliated with any third-party website or social media page. Wiser Wealth does not expressly or implicitly adopt or endorse any of the expressions, opinions or content posted by third party websites or on social media pages. While Wiser Wealth uses reasonable efforts to obtain information from sources it believes to be reliable, we make no representation that the information or opinions contained in our publications are accurate, reliable, or complete.
To the extent that you utilize any financial calculators or links in our website, you acknowledge and understand that the information provided to you should not be construed as personal investment advice from Wiser Wealth or any of its investment professionals. Advice provided by Wiser Wealth is given only within the context of our contractual agreement with the client. Wiser Wealth does not offer legal, accounting or tax advice. Consult your own attorney, accountant, and other professionals for these services.