Finances are one of the most contentious aspects of even a harmonious marriage. Just imagine how they play out in a divorce scenario. The role played by a Certified Divorce Financial Analyst (CDFA™) is structured to make the process easier and less contentious.
There are enough emotions in the divorce process, a CDFA™ helps provide consistency and grounding and can serve as a filter and a buffer. Every step of the way the divorcing couple should understand both the process and the ramifications of the financial decisions they are making. Both should feel safe and comfortable and that they are being heard and protected. Divorcing couples deserve good and professional information; not what they read on Facebook about what happened with Joe’s ex-wife’s sister’s brother’s divorce.
Information overload (especially when it’s wrong information) can be a source of severe stress. People mean well and can be a source of comfort but also can create a catastrophic environment that should be avoided if possible. Each divorce situation is unique and needs to be approached on an individualized basis.
Divorce is a time when life altering decisions are made and when each individual is most vulnerable. It’s times like these when people need a team to help in decision making so as not to let emotions get in the way of long term financial goals. Clients need to be engaged so they have ownership over the decisions they are making. There is a certain amount of sensitivity that must go into the financial analysis of a divorce; a CDFA™ is trained to help in this difficult process.
Tracy Badgley, CPA, CGMA, CDFA™, Partner