If there are considerable assets at stake in your divorce, friends, colleagues or maybe even your attorney may have recommended hiring a certified divorce financial analyst (CDFA). CDFAs are advisors who help people make the best possible financial decisions throughout their divorce.
Is it worthwhile to spend money to add a CDFA to your team? The good ones aren’t cheap. You could end up paying hundreds of dollars per hour for a CDFA’s services. That’s why it’s crucial to understand what they do and whether having one is a sound investment in your post-divorce future.
Certified divorce financial analysts help their clients in multiple ways. They work to determine the wisest division of assets to seek for long-term financial health, including pensions and retirement plans, property and life insurance. They also help clients develop realistic monthly budgets based on the assets and incomes (including support) they will ultimately have after their divorces.
If you already have a trusted financial advisor, you may not need a CDFA. However, if the assets you and your spouse are dividing are complicated or if you’re dividing a business, it’s probably a good idea to at least consider bringing in a CDFA.
Your Florida family law attorney may be able to recommend a CDFA in your area with whom he or she regularly works. You may get recommendations from others in your circle who’ve used these professionals. There are also organizations that you can go to like the Academy of Financial Divorce Practitioners to find someone.
You may want to talk with a few CDFAs to make sure that you find one who is a good fit for you. You need someone with whom you feel comfortable and trust. Divorce can be an emotional, tumultuous process. You need to be able to feel comfortable with everyone who advises you and looks out for your best interests.