Divorce Financial Planning Services
WHAT IS A CERTIFIED DIVORCE FINANCIAL ANALYST (CDFA®)?
How a CDFA® Can Help You During a Divorce
A Certified Divorce Financial Analyst (CDFA®) is a professional who is specially trained to help you make financial decisions related to your divorce. Think of them as divorce financial consultants. A CDFA® can provide cash flow analysis to evaluate asset division, tax assessment and tax planning services for settlements, and determination of community and separate property.
Qualifications for the CDFA® designation include three years of financial planning or legal experience, a bachelor’s degree and successful completion of coursework, and a comprehensive examination administered by the Institute for Divorce Financial Analysts (IDFA™).
The bottom line is that a CDFA® helps you and your attorney understand how the decisions you make as part of your divorce agreement will affect your financial future. Additionally, once your divorce contract is finalized and your attorney's work is over, a CDFA® continues to provide support by helping you manage the money and other assets you receive.
No matter what stage of the divorce process you’re at, EP Wealth Advisors can provide you with a customized financial roadmap, including a comprehensive financial health assessment.
WHY IS FINANCIAL PLANNING DURING
A DIVORCE IMPORTANT?
How an EP Wealth Advisor Provides Financial Guidance During Divorce
Working through alimony, child support, who remains in the family home and dozens of other decisions are critical during the divorce process. Where are you going to live? Will you have joint custody of minor children, or will one spouse be the primary custodian?
No matter the answer, there is always a financial component. Divorce decisions may prove painful but you can count on a CDFA® to look out for your financial interests, now and in your post-divorce life.
Change is inevitable and often unpredictable, but professional life transition planning in response to divorce or other major events like the birth of a child or retirement can ensure you are fully prepared for your story’s next chapter.
THE DIVORCE FINANCIAL PLANNING PROCESS
Learn How the Divorce Planning Process Works
and How a Financial Advisor Can Help
Whether or not you initiate the divorce, it’s wise to involve a financial planner right away. Waiting until the divorce settlement is finalized is a mistake. You need someone reviewing all the financial consequences of your divorce as soon as possible.
WHAT IS AND ISN’T A FAIR DIVISION OF ASSETS
How a CDFA®Can Help Determine What Is Truly a Fair Split of the Financial Pie
Let’s say your spouse says, "Let's split everything 50/50 and get it over with." While this may be a reasonable solution, and in many states is required by law, we help you develop a strategy for dividing up the assets to provide the most benefit from a tax perspective, while ensuring the solution fits with your long-term financial plan.
What might sound like a fair proposal on the surface might raise red flags with your CDFA®. Determining a fair split of employee compensation packages, privately-held businesses, professional practices, and other marital assets requires expertise that a professional financial advisor can provide.
Take the basic matter of health insurance, for example. If you formerly received coverage through your spouse’s healthcare plan, you must now find an alternative. Your EP Wealth Advisor is ready for this challenge and can bring in a healthcare specialist to find you an affordable insurance plan.
Perhaps you would like to stay in the family home. Maybe your spouse is willing to give it to you. It’s not a win for you if you cannot afford the property taxes and upkeep. A CDFA® takes a clear-eyed, unemotional view of the marital assets with the purpose of helping you in the long run, not just in the immediate aftermath of a divorce.
IS A CDFA®A SUBSTITUTE FOR A DIVORCE LAWYER?
The Role of the CDFA® in the Divorce Process
A CDFA® is not a substitute for a divorce attorney. They cannot provide legal advice unless they are also licensed to practice law. However, a divorce financial advisor works in conjunction with your lawyer and other professionals on your team, such as a mortgage specialist or forensic accountant. Working with them we will create a detailed snapshot of your and your spouse’s current financial situations and create a clear plan for how you will achieve post-divorce financial security, not only right now but in 5, 10, 20 years and beyond.
CONTACT AN EP WEALTH ADVISOR
If you are going through a divorce, you want to know who can help and protect you financially. Schedule a consultation with an EP Wealth Advisor CDFA® today. We will review your financial portfolio and work with your lawyer to help you receive the settlement
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