What is a Certified Divorce Financial Analyst?
Divorce is rarely simple. Even if things remain amicable between you and your partner, there are often complicated financial matters to untangle.
This is where a certified divorce financial analyst (CDFA) can help.
A CDFA is a professional who has a legal, accounting or financial planning background, and has passed the rigorous CDFA training program. This certification shows the CDFA has the skills to provide expert analysis on the financial issues connected to your divorce.
A certified divorce financial analyst can work with you, or serve as a mediator between you and your spouse in Bucks & Montgomery County. They can advise you on:
- Division of assets and martial property
- Housing and debts
- Alimony and child support
- Retirement accounts and pension valuation
- Tax implications
- Analysis of the divorce settlement
- Post-divorce financial planning
Your attorney can help you navigate the legal aspects of your divorce. Your divorce financial analyst can help you make smarter financial decisions for you (and your children).
How can a Certified Divorce Financial Analyst help you?
Here are a few ways hiring a CDFA can potentially help you during your divorce.
- Save time: Divorces aren’t always speedy. The average American divorce takes one year from beginning to end, with both parties needing time to understand all the financial aspects of their case. A CDFA can provide helpful information to allow you to make smarter financial decisions.
- Save money: Using a CDFA can give you a clearer picture of your financial future, allowing you to reach a settlement that addresses your needs
- Avoid costly mistakes: A CDFA can work with their clients to create a forecast of the long-term effects of a divorce settlement, allowing you to make financial decisions that take care of your immediate needs as well as retirement planning.
- Avoid post-divorce financial struggles: It might be difficult to predict what a divorce will cost you in the long run, but a CDFA can help you develop a realistic budget for life after your split, considering expenses such as insurance and cost of living increases.
- You’ll have peace of mind: Your emotions may run the gamut from being frightened at the prospect of divorce to having unrealistic expectations about your settlement. A CDFA can bring you back to reality, helping you set up a solid fiscal future while avoiding serious financial mistakes.
Remember: While marriage is about love, divorce is about money. Difficult as it sounds, read it as a business transaction where you are the CEO.
Based in the Philadelphia area, financial advisor Barbara Rowens is a certified divorce financial analyst who has spent nearly two decades helping people plan for life after divorce. Contact us today to receive a free consultation.