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.
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.
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Missie Beach, CFP®, CDFA®
Senior Financial Advisor
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