Certified Divorce Financial Analyst
What is a Certified Divorce Financial Analyst™?
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How Can a CDFA™ Help Me?
A Certified Divorce Financial Analysts™ (CDFA™) has graduated from the Institute for Divorce Financial Analyst and has received specialized training on the financial issues surrounding a divorce therefore, at Pacific Divorce Management we have knowledge and experience in the fields of law, financial planning, and accounting. To maintain their designation all CDFA™s are required to complete continuing education classes so they are educated on the most current laws and issues regarding divorce.
The Pacific Divorce Management team is trained to determine the short-term and long-term financial impact of a marriage settlement agreement, offer insight into the pros and cons of different marriage settlement proposals, help you avoid the common financial mistakes made in a divorce, and create personalized reports to illustrate your financial status, cash flow, and net worth pre and post divorce. Through the help of Pacific Divorce Management you can better understand complex concepts such as personal vs. marital property, valuing and dividing property, retirement and pensions, spousal and child support, splitting the house, tax problems and solutions, and which marriage settlement agreement is going to be best long term.
A CDFA ™can help you achieve the fairest, most financially equitable divorce settlement possible.
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Top Five Reasons for Hiring a CDFA™
1. Financial Analysis conducted early in the divorce process can save time.
2. A CDFA™ can help their client save money during the divorce process.
3. A CDFA™ can help their clients to avoid long-term financial pitfalls related to divorce agreements.
4. CDFA™s can assist their clients with developing detailed household budgets to help avoid post-divorce financial struggles.
5. Using a CDFA™ can reduce the amount of apprehension and misunderstanding about the divorce process.
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Common Questions about CDFA™s
Q. How do Certified Divorce Financial Analysts™ (CDFA™s) help divorcing individuals?
A. A CDFA™s role is to assist the client and his/her attorney to understand how the financial decisions he or she makes today will impact their financial future. We help you to understand:
- The difference between personal and marital property
- How property is valued and divided
- Retirement and pensions
- Spousal and child support
- Whether you can afford to keep the house
- Tax problems and solutions
- Which settlement to choose.
We offer peace of mind that your settlement is financially feasible, an objective viewpoint in an emotional situation, and expert advice about your special financial needs. Working with Pacific Divorce Management will increase your chances of reaching a settlement that fully addresses your long-term financial needs, securing your financial future.
Q. How do CDFA™s differ from other financial professional?
A. Most financial planners and accountants excel in their chosen field, but they have little to no training specifically related to the financial issues of a divorce. When a client asks them for assistance, many financial planners and accountants are unable to provide the information the client needs – or even worse, they are unaware that they do not have the required knowledge and end up finding out what they should have known only after the divorce has been finalized.
Professionals at Pacific Divorce Management have received special training in the financial aspects of divorce. We examine the financial issues of your divorce, and provide you and your attorney with powerful data to support your case. We are trained to help you avoid the common financial pitfalls of divorce by:
- Determining the short-term and long-term financial impact of a proposed divorce settlement
- Offering valuable insight into the pros and cons of different settlement proposals
- Creating personalized reports and graphs illustrating the financial status, cash flow, and net worth of both parties.
Q. I have an attorney why do I need a CDFA™?
A. If you are thinking about or going through divorce you have a lot of questions, most of which boil down to, “Am I going to be OK financially?” Finding the right professionals for your situation is crucial; you need an attorney to provide legal advice, but you also need a CDFA™ to provide financial advice.
A CDFA™ becomes part of your divorce team, providing litigation support for your attorney and you on such issues as:
- Short-term and long-term effects of any property division proposals
- Tax consequences
- Division of retirement funds and future pensions
- Determination of whether you can afford to keep the marital home
- Valuing your property
We provide the data that shows the financial effect of a proposed divorce settlement and, if needed appear as an Expert Financial Witness in court.
Lawyers, mediators, arbitrators, and judges are looking for experts that are knowledgeable about the financial issues of a divorce. We can give you and your attorney a clear view of you financial future post divorce, showing you how to achieve the best possible outcome for you and your family.
Q. What role does a CDFA™ play in gathering financial data?
A. We work with our clients to identify and collect the financial data from the marriage. From that we evaluate any key financial data related to divorce – such as income and deductions, living expenses for both parties, assets, and liabilities. Some clients have started compiling the financial data before coming to see a CDFA™, and some documents – including the financial affidavit – may already have been completed and filed with the courts. If a client meets with us before retaining an attorney, we can save time and money by making sure the financial information is accurate and complete – which allows the attorneys to focus on the legal aspects of the case.
Q. Who should utilize a CDFA™?
A. All individuals going though the divorce process will benefit from financial counseling and advice. We work with clients from a variety of financial backgrounds, including but not limited to: one primary wage earner, dual income families, retired couples, first or second marriages, children, no children, children and step children, no assets or significant asserts, significant inheritance or potential inheritance.
We are required to look at both sides of the picture and provide a recommendation that is fair and equitable to both parties. Our primary obligation is to our clients and to support their attorneys in obtaining a fair and equitable settlement, an attorney is most effective if they can show the whole picture, not just one side.