Money permeates all aspects of divorce. Not only are disagreements over money one of the leading causes of divorce, but financial concerns are also often the most anxiety-provoking parts of obtaining a divorce. New Jersey residents facing divorce and worrying about money may benefit from the help of a certified divorce financial analyst, or CDFA.
While everyone knows to consult with a lawyer when they are contemplating divorce, far fewer people seek to the expertise of a CDFA. One reason is that many people aren’t familiar with the services of a CDFA. A certified divorce financial analyst is trained to work with an attorney to address the financial aspects of divorce, including analyzing financial data to develop a budget, plan for retirement and discuss investments. A CDFA can help couples prepare for life post-divorce and budget for a lifestyle they can afford. The costs of staying in the family home, educating the children and planning for the future can all be addressed with a financial planner.
Even people who already have a financial planner may benefit from the additional expertise of a certified divorce financial analyst. They undergo specialized training regarding all facets of finances that pertain to divorce, including tax issues. CDFAs can work with couples together if they are amicably divorcing or can work with one person individually if it is a contentious process. Women are often not as aware of the family’s finances as men, and a CDFA can help bridge that gap in knowledge so that everyone understands the overall financial picture.
Whether money issues are the cause of a divorce or not, they have to be addressed during the process. A CDFA may be an important team member along with a lawyer experienced in family law to help ensure the best possible outcome during and after a divorce.