Some North Carolina residents who are getting a divorce might want to consider working with a certified divorce financial analyst. A CDFA is an individual who has specialized training and experience in the financial issues around divorce and can help ensure that property division is equitable. They can also help individuals have a better understanding of what their money situation will be after the divorce is final and they are living on their own again.
Requirements to be a CDFA
A CDFA must either have a bachelor’s degree and three years of work experience or five years of work experience if the CDFA does not hold the degree. The Institute for Divorce Financial Analysts creates an exam that CDFAs must pass. In addition, a CDFA must have 30 hours of continuing education every two years.
What a CDFA can do
A CDFA is not a replacement for attorneys in a divorce. Instead, the CDFA can work alongside couples and their attorneys, advising on such issues as property value, post-divorce budgets and tax implications of various types of settlements. CDFAs can assume different roles in the divorce depending on who they are working for and the specifics of the situation. For example, in some cases, they may advocate for a client when the other spouse is attempting to hide assets. In other cases, they might work in a more neutral capacity to ensure that both parties get a settlement that works for them.
While the legal system’s aim is to create an equitable property split, a CDFA brings specialized knowledge to help ensure that is the case. A CDFA may be particularly helpful in divorces with many or complex assets or when one spouse has not dealt much family finances and does not have a strong sense of what the couple owns or how to budget.