People in Arkansas should know that one of the most common reasons Americans get divorced is due to financial disagreements. In a typical divorce, each party is represented by a lawyer. But increasingly, people are also turning to certified divorce financial analysts. A CDFA is a professional who specializes in what amounts to financial planning for divorces.
Spreading the word about CDFAs
Consulting a CDFA is a particularly good idea if there’s a disparity of resources in the marriage. For the person who has less information and access to financial information, having a specialist on their team can help to level the playing field. In many cases, women are the so-called “out” spouse in this kind of divorce. Today, only about 6% of women use CDFAs. Although CDFAs represent a cost in the short term, in the long run they can be a key in getting their clients the best possible deal.
What a CDFA does
A certified divorce financial analyst is especially important when one party in the marriage is shut out of the financial conversation. For example, in some relationships, one partner is the only one to meet with financial professionals like accountants or financial advisors or to maintain the family’s budget. CDFAs will collect all of this financial data to get a clearer picture of the couple’s resources.
CDFAs also help their clients set a realistic budget for their post-divorce lives given their goals and resources. These can be difficult conversations. One major issue can be education expenses for children. Another important talking point is investments, including retirement planning. An experienced CDFA can help someone restart their life with a solid understanding of their new financial outlook. They’re a great teammate for any “out” spouse going through a divorce.