You’re faced with divorcing your spouse in New Jersey and hear all sorts of terms, including Certified Divorce Financial Analyst (CDFA). Is this term real, and furthermore, are the services of such a person legitimate and worthy of yet another expense in your divorce?
What is a certified divorce financial analyst?
Certified divorce financial analysts (CDFA) are professionals who can help you navigate the financial as[ects of divorce. These people often work closely with your lawyer to help you get the most out of your financial settlement as they are experienced in financial planning and accounting along with divorce law. CDFAs undergo a certification process that qualifies them to work in the field. Some specialize in one or more financial aspects, including:
- Alimony and child support
- Property division
- Future value of retirement and pension funds
- Calculating divorce payments
- Divorce tax law
The CDFA’s role
The goal of your CDFA is to get you the fairest possible deal in your divorce settlement. Your professional will help you split short-and long-term assets through specialized software that will detail the value of these items later in life. They can help you set up a post-divorce monthly budget and determine what kind of a lifestyle you can lead going forward based on the long-term picture.
Finding and working with a CDFA
Dividing marital property is often the most contentious part of the divorce process. CDFAs can help during the negotiation and mediation process as they provide a fair and unbiased assessment of what your marital property is worth. They work closely with divorce attorneys and can help relieve the emotional aspect of divorce negotiations.
Many divorce attorneys have a list of CDFA professionals that frequently work with them. You can choose one on the list or find one yourself. As with any other professional, you should feel comfortable working with this individual to accomplish your goal of future financial security. Get comfortable with your CDFA early in the divorce process. If something seems off, changing CDFAs earlier rather than later will make negotiations go more smoothly.