Hiring a Certified Divorce Financial Analyst

One of the most challenging aspects of a divorce in Edmonton is dealing with the financial issues involved. Many times, lawyers may deal with the legal issues without considering the financial impact of the divorce, and this can seriously impact the financial situation of the divorcing spouses later on. This is why you should consider consulting with a certified divorce financial analyst early in the process, even if the divorce is relatively amicable.

A certified divorce financial analyst is a professional who helps one of the parties achieve an equitable divorce settlement using his knowledge of asset distribution and tax law. A CFDA must have at least two years of financial or legal work experience and must pass an examination given by the Institute for Divorce Financial Analysts. It should be noted that the CFDA is not intended to supplant the services of a lawyer or negotiator; rather they work in conjunction with these professionals to ensure that any settlement reached is financially fair.

In addition, they will also look at the long-term implications of the settlement to ensure that it will not have any negative impacts down the road. For example, how will the division of assets affect the spouses’ pension once they retire? How will their financial situation be affected?

How a CFDA Can Help

The CFDA can ease the mind of their clients by explaining the financial implications of the divorce in Edmonton so that he or she can make informed decisions during the proceedings. In addition, the services of a CFDA are valuable, not just during the actual divorce process, but also in the aftermath of divorce, when the separated party is starting to pick up his or her life. For example, the CFDA can help a client draw up a budget that will help them deal with expenses such as health and life insurance costs and cost of living expenses during the post-divorce period.  

One valuable service the CFDA performs is to give their client an accurate view of what their financial situation will be after the divorce. There is often an expectation from the client that their lives will continue the way they were before the separation. Unfortunately, the divorce often takes a high financial toll and the client will have to adjust their standard of living accordingly. The CFDA will advise them on what adjustments need to be made to ensure a healthy long-term financial future, not just for them but also for their children.

Hiring a CFDA

When you are engaging the services of a CFDA to help you with your divorce Edmonton you should not only look at their qualifications but also how comfortable you are with them, since you will work closely together on many sensitive and highly personal issues. So you should take the time to interview them to see how they can help you. During the interview you should ask them about the types of clients they primarily handle as well as the other services they may provide such as financial planning. In addition, you should also ask them for a sample financial plan that they have drawn up for a client which would give you an idea of what to expect.