Why Hire A Certified Divorce Financial Analyst (CDFA)?
Why a Certified Divorce Financial Analyst
“Forewarned is Forearmed”
If you are reading this while contemplating divorce, then your timing is perfect. Read on to know how you can best protect yourself as you go through this difficult period.
Having knowledge on possible problems will give you a tactical advantage so you can gain financial empowerment during and after your divorce.
The obvious first step in this challenging process of divorce is to consult with an attorney for legal advice.
Equally important, but often pushed on to later, is contracting with a CDFA (Certified Divorce Financial Analyst), or a Financial Planner who specializes in Divorce.
People often consult with a financial adviser after a divorce. But by then it could be too late as many money matters such as spousal and child support, insurance, short term cash needs, trusts and retirement, have already been finalized. And you may find yourself left holding the short end of the stick because you had no one looking out for your financial interests.
Looking Out For Your Financial Interests
In an ideal situation, your consultation with a financial planner should come even before calling a lawyer, or at the latest, should be done as early on in the divorce proceedings as possible. This way, your CDFA would be able to arm you with the best financial strategies when it comes to the divorce settlement process. “Forewarned is forearmed”.
Some of the things a good CDFA is qualified to do for you is:
❖Explain and educate all the different options in dividing retirement accounts
❖The tax ramifications of dividing assets in a divorce
❖Identify what work related benefits (insurance) you have and what will change, and how to replace lost benefits.
❖As you are negotiating a settlement, how does that look for you now and 10 yrs from now? Can you maintain financial stability? A good CDFA can answer this question for you!
❖Pension valuations – should you leave it or fight for it?
❖Identify assets and debts accumulated during marriage, or what is separate property.
❖Creating a budget to live by!
There is one thing a CDFA will never do for you: A CDFA will NOT give you Legal Advice!
We are not attorneys, so we do not give legal advice. We work with your attorney giving you proper financial guidance, while your attorney gives you solid legal advice. Having both as part of your divorce team is crucial!
A good CDFA will be there to support and encourage you throughout the divorce process. To say that divorce is stressful is an understatement. It is a terrifying time in your life and you need someone to guide you through the financial issues, so in the end you can stand tall, be there for your kids and move on with confidence to the next adventure in your life!
Kimberly Surber, CDFA with Kimberly Surber Divorce Planning, will help you navigate through this very trying period by helping you understand the various financial components of divorce. It is our goal to provide you with the objective guidance and education you need to come out financially confident and motivated to achieve your financial success!
Call today to schedule a free consultation. 907-347-3860
Tags: Divorce Financial Analyst, CDFA, financial planning, divorce planning, women's divorce help, divorce financial help, child support, spousal support