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What is a CDFA?
What is a CDFA?

A divorce is not always simple, there can be complicated financial problems. For this reason, a Certified Divorce Financial Analyst (“CDFA”)can be consulted. What's a CDFA? A CDFA is trained to help people with financial issues that arose during divorce proceedings. Certified Divorce Financial Analysts works with the divorce team throughout the process.

 

The CDFA tool is a customized financial software that provides charts and graphs outlining the long-term results of a financial settlement depending on each client's needs and situation. A CDFA looks at the division of assets and projects the short-term and long-term financial impact of a proposed divorce settlement.

 

There is not always a 50/50 division best for your client or the ex. A CDFA helps a divorce team help both spouses that are split on their financial issues come to an equitable solution.

 

For example, if a couple owned a business together, a divorce then becomes a sticky-wicket. A certified divorce financial analyst learns about their assets and their debts, then creates a post-divorce financial settlement.

 

A CDFA can provide various types of financial services for long-term forecasts that include the following:

 

o          tax implications

o          develop monthly budgets

o          retirement funds

o          business ownership

o          child support

o          inflationary costs

o          cost of living

o          insurance divisions like health and life

o          personal assets

o          estimate educational costs

o          monitor the results and update plans as the case progresses.

 

In other words, a certified divorce financial analyst who can also testify as an expert financial witness during the divorce trial. A CDFA provides the best financial solution so that both parties can come to a workable settlement. When you use the services of a Certified Divorce Financial Analyst, this is a surer way to handle what could become very costly mistakes for years to come.

 

Using the services of a CDFA is preventative, especially after a court-ordered financial decision has been made and is legally enforceable. A CDFA works with their clients just like the divorce lawyer, in the pre-divorce negotiations, the negotiation or planning stage, divorce settlement phase, and the post-divorce settlement.

 

Using the CDFA as part of a divorce team helps to relieve the stress of any financial decisions that must be made. A Certified Divorce Financial Analyst can work independently, but usually, large firms employ them to help give their client's a stronger impact in a divorce.

 

As a certified professional, a CDFA creates, analyzes, and forecasts different scenarios involved in a financial settlement. This helps to protect their client's interest and to reduce the time that it takes for a divorce to become finalized.

 

What's a CDFA skill and experience? A CDFA is has been trained by the Institute of Divorce Financial Analysts. It also certifies individuals in the legality of accounting, financial planning, stocks, bonds, insurance, and overall estate planning. Upon becoming certified each person must work in the legal profession for investment training.

 

They then must pass rigorous exams involving investment management and analytical skills. A Certified Divorce Financial Analyst is available in all 50 states. Just note that a CDFA is not to be used in lieu of a good divorce lawyer. To help answer the question of what's a CDFA, to summarize, it is a person who can save you lots of money and unnecessary long-term headaches.

 

No, not all divorce couples need the additional professional services of a CDFA. But, lawyers often see that spouses can underestimate the real value of their assets. Even if an ex-spouse is unsure of their asset divisions, a CDFA can simply look at their paperwork and create a keep you on your feet financial picture for the future.

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