What is a Certified Divorce Financial Analyst®?
A Certified Divorce Financial Analyst® professional specializes in guiding individuals through all financial issues related to a divorce. A CDFA® professional has education and training to analyze the financial aspects of divorce. These include division of property, support payments like alimony and child support, tax implications of all decisions, as well as any other financial considerations.
Specific benefits of utilizing a CDFA® professional may include:
- Financial Expertise – The CDFA® professional’s specialized background allows him/her to provide guidance on all financial matters related to divorce. That can include budgeting, property division, alimony, child support, tax implications of decisions, etc.
- Objectivity – The Certified Divorce Financial Analyst professional doesn’t tell the client what to do, but models out what each scenario would look like. This enables the client to have all the data needed to make informed choices and take the emotion out of the decision-making.
- Cost Savings – This is perhaps one of the greatest benefits. By modeling out a fair asset division, a CDFA® professional can help couples save on attorney fees by avoiding expensive back-and-forth negotiations.
- Efficient Resolution – In addition to cost savings, having a CDFA® professional in the mix can help move negotiations forward in a quicker manner by addressing financial issues head-on and providing attorneys with the necessary data to complete the case.
- Future Planning – After the divorce is settled, each party’s financial position and path forward are completely different than prior to the divorce. The CDFA® professional can guide the client forward and establish a new financial plan built on realistic goals.
A divorce attorney knows the ins and outs of the law, but isn’t expected to be educated on the financial implications of divorce. A Certified Divorce Financial Analyst® professional fills this role on the divorce “team.” Divorce isn’t pleasant, so make it as bearable as possible by putting together the right team to help guide you through it.
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Missie Beach, CFP®, CDFA®
Senior Financial Advisor