What is the role of the Financial Specialist during divorce?

Every couple has unique financial circumstances which are a critical part of the divorce process. The Certified Financial Divorce Planner (CFDP*) or the Certified Divorce Financial Analyst (CDFA*) is there to specifically evaluate and manage your individual goals, needs and attitudes toward money.

In fact, the main goal of your entire Collaborative team is to help you arrive at a mutually agreeable financial settlement. As a member of this team, the financial specialist, hired by both of you and working together with your attorneys, acts as a neutral financial expert – helping to facilitate a divorce settlement that respects both of you.

Your financial professional can:

• Educate you about your financial past and future;
• Promote awareness of financial issues to be addressed;
• Prepare statements of marital assets and liabilities (or financial affidavit);
• Develop accurate budgets by making the best use of assets for both of you;
• Evaluate various support and asset division proposals;
• Minimize post-divorce taxes and post-decree issues;
• Serve as a financial advisor (in some cases) following dissolution of the marriage.

The financial professional analyzes the information to help realize an agreed-upon financial outcome based on your available resources. A CFDP/CDFA can help you face the future and structure your finances for what lies ahead.

* Certified Financial Planner (CFP) or Certified Public Accountant (CPA) with five or more years of experience in divorce issues. In order to participate in a Collaborative case, the financial practitioner must be a member in good standing with CLII.

Find an Illinois Collaborative Divorce Financial Specialist now.