A certified divorce financial analyst or CDFA helps divorcing couples and their lawyers come to a fair divorce settlement. The CDFA has extensive knowledge of tax laws and asset distribution and can assist with financial planning during and after divorce. If you’re a New Jersey resident, here are some things you should know about having a CDFA on your side.
What do CDFAs do?
CDFAs offer detailed financial assessments and guidance to divorce lawyers and couples who want to legally end their marriages.
A CDFA should have several years of professional experience and must pass an assessment from the Institute for Divorce Financial Analysts (IDFA) to receive the CDFA title.
In a best-case scenario, two people getting an amicable divorce will agree on how their assets should be divided. However, there are cases in which a mediator is necessary to help with the documentation and paperwork connected with the divorce. If a divorce doesn’t involve a large retirement account, the couple does not have children, or the couple doesn’t own property, it may be possible to complete the asset division process online.
Qualifications for a CDFA
CDFAs go through an intense process to earn this professional title. They have to have a bachelor’s degree and three years of on-the-job training. If the CDFA does not have a degree, five years of professional experience is required.
Candidates must also pass the IDFA exam before they can start practicing in their profession. There are four methods to receive certification: you can take the exam alone, use the self-study method, utilize self-paced eLearning, or attend virtual classes to prepare for the test. To maintain this certification, CDFAs have to obtain at least 30 hours of continuing education pertaining to divorce laws every two years for continuing education purposes.