Going through a divorce can be an overwhelming process fraught with emotion and anxiety. Though there are many reasons couples give for divorcing, financial problems often top the list. Often the first professionals who comes to mind when considering a divorce is a lawyer, but Florida residents should be aware that there is another professional who may be helpful during a divorce as well, particularly one that was caused by money issues. A certified divorce financial analyst, or CDFA, may be able to help with financial planning during a divorce.
A CDFA can work with couples together if the divorce is amicable or with just one person if the divorce is contentious. They can help with planning all of the financial aspects of life during and after divorce, including questions about whether staying in the family home is feasible, how to budget for education and what the best options are for investing. A CDFA can help those going through a divorce see their entire financial picture so that they are prepared for what’s ahead.
While any financial planner can help with most financial situations, a CDFA undergoes additional training to become certified through the Institute for Divorce Financial Analysts. This training enables them to deal with the complicated financial implications inherent in divorces. Women, in particular, are often unfamiliar with their family’s full financial situation and may benefit from the addition of a certified divorce financial analyst to work with their lawyer. A CDFA should always be a fiduciary, which means they will work for their client’s best interest.
No matter the instigating reason for a divorce, the financial aspects will have to be addressed in the final settlement agreement. A lawyer experienced in all aspects of divorce law may work with a client’s CDFA or other financial professional to help ensure the best possible outcome.