Do I need a Certified Divorce Financial Analyst (CDFA)?

pegleg_legal · 2021-09-21T02:22:22+00:00

This is all about numbers - if your marital and non-marital assets are sizeable and complex and there's a fight over dividing things or a genuine question of how to maximize the financial settlement for you both, then a CDFA is justified. For filling out the financials for the CIS, usually your attorney's paralegal can help. Then spend some money to do a once over with your lawyer to see if it passes the smell test. Of course, a CFDA would be awesome to have help you fill it out but just not sure if it's justified in your case.

SzDiverge · 2021-09-21T19:36:12+00:00

When I started the process in MN, I got the same request. It's intimidating and frankly, pretty scary to try to do! It really ended up being nothing more than a helpful guide for my lawyer to know where we were for budget and spending prior to the divorce, and what it would look like when I'm on my own.

If you can put together your best estimates, then that will more than likely be more than good enough.

Really, the only reason a CDFA would remotely be necessary is if you and your STBX fight tooth and and nail about past debts or spending - like my ex arbitrarily deciding that ALL credit card debt incurred after she lost her job and didn't work for 2 yrs (because it was beneath her to get a non career type job to help make ends meet) was mine, and alone! Fortunately, she backed down when the mediator explained that it would be a long and expensive fight.. but this would have been a great use of a CDFA.

I honestly wouldn't even bother with asking the paralegal to do anything - that's just hours charged for more than likely nothing.

Fill it out the best you can and don't worry if there are gaps or holes. If something important is missing, your laywer will let you know what he/she needs.

Accurate-College-221 · 2024-10-17T02:46:28+00:00

While some divorces seem straightforward, the financial details often run deeper than they appear. Seemingly simple divisions often overlook long-term financial impacts. A CDFA Professional goes beyond the basics to uncover the financial impacts of decisions that might not be immediately obvious. From tax implications to the true value of assets like retirement accounts and real estate, what seems simple can actually hold hidden complexities. There are specific tax laws specific to divorce. Most people think a lawyers spreadsheet is good enough but it doesn’t take into account early withdrawal penalties, tax bracket changes due to filing status, potential capital gains, costs incurred in selling a home or refinancing to buy out a double (making not not an even 50/50 equity split), future FAFSA changes based on tax filings, or how the long or short child support or spousal support can affect post divorce mortgage financing. Every $1 is not equal and sometimes, there’s tax consequences no one thought about, especially rotating family law judges.

Title	Do I need a Certified Divorce Financial Analyst (CDFA)?
Author	urz8080
Upvotes	3
Comments	13
Date	September 20, 2021 8:43 PM UTC (4 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/ps3drb/do_i_need_a_certified_divorce_financial_analyst/
Archive Link	https://theredarchive.com/r/Divorce_Men/do-i-need-a-certified-divorce-financial-analyst.1075328 https://theredarchive.com/post/1075328

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