Long-term married couples or those with a significant amount of assets who are divorcing in New Hampshire might be facing a lengthy process, particularly as they attempt to negotiate the division of assets, child custody, financial support and other divorce issues. A Certified Divorce Financial Analyst might be able to help them sort out the issues related to their finances and consequently decrease the time and cost of the divorce.
What is a Certified Divorce Financial Analyst, or CDFA?
A CDFA is a finance professional who is certified by the Institute for Divorce Financial Analysts. To receive the certification, they must pass a test designed by the IDFA. They must have also earned a bachelor’s degree and gained 3 years of experience or 5 years of experience if they have not received their degree. They can pursue their qualifications by choosing one of the four paths: taking the test directly, doing self-study, completing an eLearning course or attending a virtual classroom. To keep their certification, they must also pursue 30 credits of related continuing education every couple of years.
How can a CDFA help your case?
CDFAs are knowledgeable about tax law, financial planning and asset valuation. Therefore, they can work with you and your legal team and your spouse and their legal team during divorce negotiations in a variety of ways, including:
- Evaluating assets and debts
- Establishing absolute values for certain properties
- Dividing retirement accounts and pension plans fairly
- Figuring out how long alimony should last
- Presenting the tax implications of financial decisions
- Helping the spouses create individual post-divorce budgets
CDFAs depend on the information shared by each spouse. It is important for both spouses to be honest and forthcoming about all their assets and debts so that the CDFA can correctly help them prepare to reach a fair and balanced divorce settlement.