Divorce is tough on Arkansas families. Many divorcing couples work with a Certified Divorce Financial Analyst (CDFA) to reduce the stress of asset division. A CDFA is a licensed professional who assesses and recommends how marital assets should be divided. A CDFA spends years honing their craft before becoming certified.
The divorce attorney generally brings on a CDFA. The fees for these experts vary. CDFAs offer a vast knowledge of tax law, financial planning and equitable distribution proposals. They’re independent professionals providing expert opinions to couples on separating finances while protecting their financial future. CDFAs are common in high-asset divorce cases, but anyone can hire one of these analysts to review their finances.
CDFAs must have several years of operational experience and pass an Institute for Divorce Financial Analysts exam to receive their designation. Adding a qualified financial professional specializing in asset division to your divorce team is a wise investment.
A CDFA is experienced with alimony, child support, mortgage payments and more and can provide short or long-term recommendations to divorcing couples and their attorneys. Divorce attorneys must focus on court dates, evidence gathering and negotiating, so a professional financial advisor assists with costs and time management.
When couples agree on equitable separation and division of assets, it’s easier to review the CDFA’s recommendations and highlight areas of agreement or request modification. CDFAs are not divorce attorneys, so they don’t recommend proposals for one spouse over the other.
CDFAs role in divorce proceedings
CDFAs are highly educated, skilled financial advisors. Their role is to propose the best financial future outcome for divorcing couples. They analyze assets, debts, tax burdens, property division, future budgets and more to help couples understand future obligations after their divorce. The CDFA is there to give a truthful evaluation of marital assets to enable equitable distribution.