Should I Hire a Certified Divorce Financial Analyst During My Divorce?

 Posted on September 14, 2020 in Divorce

When you and your spouse make the decision that it is time for you to get a divorce, you will then have to decide how you want to go about obtaining a divorce. In most situations, both you and your spouse will each hire your own divorce attorneys to provide you with legal advice and help you negotiate a fair divorce settlement. Getting a divorce could likely be one of the most significant financial events of your life because the decisions that you make during your divorce could end up impacting your life for years to come. While your divorce lawyer can help you determine an equitable settlement, they may recommend that you hire a certified divorce financial analyst (CDFA) to ensure you understand the entire financial implications of your divorce.

What Is a CDFA?

A CDFA is a professional who helps both the divorcee and the divorcee’s attorney understand how certain financial decisions made during the divorce would affect the divorcee’s financial health in the future. A CDFA is typically someone who has a background in financial planning, accounting, or legal background, but to become a certified CDFA, he or she must undergo extensive training. A CDFA may also:

• Identify the short- and long-term effects of dividing certain property

• Evaluate any tax issues that may be present

• Analyze pension and retirement plan issues

• Determine if a spouse can afford to keep the marital home

• Evaluate the spouse’s insurance needs

How Can a CDFA Help During My Divorce?

The main benefit of hiring a CDFA during the divorce process is being able to have a highly trained individual analyze your decisions to determine their future consequences before you actually make those decisions. This can be especially beneficial if you have expensive assets at stake. CDFAs also help during divorce by:

• Appearing as an expert witness if the case goes to trial

• Collecting financial and expense data

• Helping clients realize what their future financial goals are

• Helping clients develop a post-divorce budget

• Setting retirement objectives and goals

• Identifying the costs of the children’s education

Contact a Kendall County Divorce Attorney Today

Getting a divorce involves a lot of uncertainty about the next stage in your life. For many people who are going through a divorce, much of their worry stems from their financial situation and not knowing what kind of scenario they will be in once their divorce is final. At the experienced Law Office of Matthew M. Williams, P.C., we will help you plan for your financial future while we protect your rights to the marital estate. To schedule a private consultation with our knowledgeable Yorkville divorce lawyers, call our office today at 630-409-8184.

Sources:

https://www.thebalance.com/what-is-a-certified-divorce-analyst-4160062

https://institutedfa.com/what-cdfa-1/

https://www.investopedia.com/terms/c/cdfa.asp