Divorce is a difficult time, especially when financial questions and disagreements occur. A certified divorce financial analyst, or CDFA, in New Jersey can help safeguard you and your future in a divorce. A CFDA could even work for both parties to ensure that the division of financial assets is fair and equitable.
What is a certified divorce financial analyst?
CDFAs are licensed by the Institute for Divorce Financial Analysts. They must have additional experience and education in the area of divorce as well as pass a test. Be certain that the CDFA is your fiduciary and bound to serve your best interests.
Who needs a CDFA?
A CDFA can be especially needed if you are the spouse lacking close relationships with the family lawyer, financial planner and accountant. A planner working for you can create a counterbalance. As you age, a CDFA becomes more useful in protecting rights to retirement plans so that both spouses can live comfortably in retirement.
What can a CDFA do?
A CDFA can help you plan for your future goals and carry out those plans. They can help forecast the costs of future events, like college for your children or your retirement. A planner can help you understand how current decisions will unroll over time. They collect financial data, plan budgets, discuss investments and create management plans for now and after the divorce is final.
Having a financial professional on your side will help create a fairer divorce as they think of things that you have forgotten and make sure all the assets are on the table. While there is a cost to this service, a financial planner can make a worthwhile addition to your team. You may want to talk to a lawyer to see if a CDFA would be helpful in your divorce.