It seems incredibly unfair that at a time when you are dealing with the emotional stress of separating from your spouse, you also have to deal with worrisome and complicated financial issues too. As much as any other time in your financial life, it is vital to get professional help with your money questions when you are experiencing a divorce. One person in particular who take a lot of weight off your shoulders is a Certified Divorce Financial Analyst (CDFA).
What are they?
A CDFA is a financial professional who has the requisite test results and experience level to be certified to help people navigate the specific money issues that come up during a divorce.
What do they do?
A CDFA can work just for you or they can serve as a mediator between you and your spouse. It is important to remember that a CDFA is not meant to take the place of a divorce attorney.
A CDFA can advise you on:
- Marital property
- Division of assets
- Analysis and negotiation of the divorce settlement
- Child support
- Tax implications
- Retirement accounts
- Healthcare coverage
- Financial planning going forward
Why do I need one?
Simply put, if you and your spouse have assets of significant value, the financial ramifications can be quite complicated. At this emotional time, it’s best to trust someone experienced with these kinds of issues rather than trying to learn on-the-fly. Money mistakes made at this time could have far-reaching consequences for your new life.
How do I find one?
The easiest way to enlist the services of a CDFA is to ask your divorce attorney for a recommendation. If you want to find one on your own, the Institute for Divorce Financial Analysts can help you locate an analyst in your area. Find them here.
You will likely find having one less thing to worry about—or several less things—during this difficult time is of tremendous value to you. A CDFA can lift some of the burden from your decision-making load.