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What is a Certified Divorce Financial Analyst® Professional?

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Have you noticed that most people hate math?

In fact, 78% of Americans suffer from some form of “Numbers Anxiety.” CDFA® professionals are in the other 22%, and in addition to loving math, we use our talent to help others.

Our calling is to assist clients and their attorneys to understand how financial decisions made today will impact their financial future.

Whether you choose mediation or traditional litigated divorce methods, your CDFA® professional’s goal is to ensure that you and your divorce team have the information necessary to create an equitable settlement, resulting in a sound financial future for you and your family.

Financial problems can tear a marriage apart, and are often the primary factor that leads to divorce.  Once a decision to separate or divorce has been reached, all sorts of questions bubble to the surface. These questions are often clouded by wounded emotions and accompanied by mutual accusations. If a couple cannot solve their financial difficulties while married, it is unlikely that they will be able to agree on pressing financial issues while dissolving the marriage.

Many divorcing couples have questions such as:
  • Where will the children live?
  • Who will pay for their education and medical treatment?
  • How do we value our property?
  • Who gets what property?
  • What tax issues must we be concerned with?
  • How do we divide retirement funds and pensions?
  • How will the lower-earning spouse survive financially?
  • What additional financial support does that person need?
  • Who gets the house?
  • What happens if a paying ex-spouse dies?

These are the questions that divorce attorneys face with each divorce case. Many lawyers struggle with the intricate financial details that concern tax issues, capital gains, dividing pensions, and so on. Lawyers attend law school to become experts in the law, not to become financial experts. Additionally, even if lawyers happen to have accumulated a degree of financial expertise, they are not allowed to testify on behalf of their clients in court.  This is why more and more lawyers have seen the value of bringing a financial expert into the divorce process at the very start. Solid information and expert analysis are important resources in their search for the best possible resolutions for their clients.

Fortunately, with CDFA® professionals, help is on the way.

CDFAs and the Team Approach

A CDFA® is someone who comes from a financial planning, accounting, or legal background, and goes through an intensive training program to become skilled in analyzing and providing expertise related to the financial issues of divorce.

The CDFA®:
  • Becomes part of the divorce team, providing litigation support for the lawyer and client, or becomes a member of a Collaborative Law team.  In either event, the CDFA® will be responsible for:
    • Identifying the short-term and long-term effects of dividing property.
    • Integrating tax issues.
    • Analyzing pension and retirement plan issues.
    • Determining if the client can afford the matrimonial home – and if not, what might be an affordable alternative.
    • Evaluating the client’s insurance needs.
    • Establishing assumptions for projecting inflation and rates of return.
    • Bringing an innovative and creative approach to settling cases.
The Certified Divorce Financial Analyst® also:
  • Provides the client and lawyer with data that shows the financial effects of any given divorce settlement.
  • Appears as an expert witness if the case should go to court, or in mediation or arbitration proceedings.
  • Is familiar with tax issues that apply to divorce.
  • Has background knowledge of the legal issues in divorce.
  • Is trained to interview clients so as to:
    • Collect financial and expense data.
    • Help clients identify their future financial goals.
    • Develop a budget.
    • Set retirement objectives.
    • Determine how much risk they are willing to take with their investments.
    • Identify what kind of lifestyle they want.
    • Determine the costs of their children’s education.
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