If you\u2019re getting divorced, it\u2019s likely to be one of the most challenging events in your life.\u00a0 In addition to the emotional and psychological impact that a divorce can have on you, it can also profoundly affect your financial future. Yet while most people going through a divorce will work with an attorney or mediator to address the legal aspects, many will unfortunately not seek guidance for the financial consequences.\u00a0 A Certified Divorce Financial Analyst (CDFA\u00ae) professional can provide you with the objective advice and guidance you need to understand all of the financial aspects of your divorce.<\/p>\n
A CDFA\u00ae professional has a financial planning, accounting or legal background, and has also received additional specialized training in understanding and analyzing the financial aspects of divorce.<\/p>\n
The CDFA\u00ae credential is increasingly recognized in the professional community and by the general public as the gold standard for divorce financial analysis. The credential is awarded by the Institute for Divorce Financial Analysts (IDFA).\u00a0 The prerequisites to become a CDFA\u00ae professional include a minimum of three years of professional experience in finance or family law\u00a0and a Bachelors degree, completion of the CDFA\u00ae education program, and successful completion of the certification examination.\u00a0 Credential holders are also required to complete divorce-related continuing education each year.<\/p>\n
A CDFA\u00ae<\/a><\/strong><\/span> professional is ideally qualified to assist in making decisions about all of the financial aspects of your divorce.\u00a0 They can work with you in one of two ways.<\/p>\n First, a CDFA\u00ae can work together with you, your spouse and your mediator or attorneys as an independent, neutral third-party, providing objective analysis of potential settlement scenarios.<\/p>\n Alternatively, if there is a real or perceived imbalance of financial knowledge, control or power, and you and your spouse don\u2019t see eye to eye on retaining a CDFA\u00ae as a neutral third-party, you can hire a CDFA\u00ae as an expert advocate for your interests, and have them help you design a settlement proposal or review potential scenarios on your behalf. This will ensure that you won\u2019t make important and lasting decisions during your settlement negotiations without an understanding of the implications and consequences.<\/p>\n The divorce<\/a><\/span><\/strong> process can be overwhelming, and the accompanying emotions and stress can affect your decision-making.<\/p>\n As part of the settlement negotiation, you\u2019ll be asked to make important financial decisions with long-term ramifications.<\/p>\n For example, you\u2019ll need to value your property, decide on an equitable division of your marital assets, and to take into account the tax aspects of this split.<\/p>\n If you have children, you\u2019ll need to agree on where they will live, and who will pay for their education and health care.<\/p>\n If you and your spouse have different income levels from employment, you\u2019ll need to determine whether spousal support is appropriate, and if so, how much and for how long.<\/p>\n And as you begin to plan for a new life as an unmarried person, you\u2019ll need to decide where you\u2019ll live, whether you\u2019ll continue to work or perhaps return to a career you had put on hold, how you\u2019ll invest your share of divided investment and retirement accounts, and so on.<\/p>\n A CDFA\u00ae professional will be able to help you understand the short- and long-term consequences of all of the choices you\u2019re contemplating or the decisions you\u2019re making, all with the objective of ensuring that you\u2019re as prepared as possible for life after your divorce.<\/p>\n <\/p>\n Depending on the understanding you and your ex-spouse reached during your divorce, you may be able to work with your CDFA\u00ae professional after your divorce is finalized.\u00a0 If not, it may be wise to seek out a new CDFA\u00ae or CFP\u00ae advisor to help you plan your post-divorce life. For example, you\u2019ll want to work with your advisor to make sure your financial plan<\/a><\/span><\/strong> reflects your new circumstances and your budget reflects your new reality, your portfolio is restructured to suit your particular investment needs and constraints, and your estate plan is updated.<\/p>\n As the CDFA\u00ae credential has gained exposure, more people contemplating divorce are seeking out a CDFA\u00ae professional to help them understand the financial aspects of their divorce.<\/p>\nHelp Make Financial Decisions During a Divorce\u00a0<\/b><\/h2>\n
Contact us today to learn how a Certified Divorce Financial Analyst\u00ae\u00a0can help guide you and answer your financial questions before, during, and post-divorce.<\/a><\/strong><\/span><\/h2>\n
Advise You Post-Divorce<\/b><\/h2>\n
Where You Can Find a CDFA<\/b>\u00ae<\/b> Professional<\/b><\/h2>\n