The two most essential parts of any divorce in New Jersey are determining child custody and figuring out and dividing assets and liabilities (which will also play a role in child support decisions). If you don’t have children, divorce is primarily a financial affair. As such, many couples often hire a Certified Divorce Financial Analyst (CDFA) to help them decide how to allocate and divide assets and debts, leading to a fair outcome.
Understanding a CFDA
A CDFA is a specialized financial professional trained in all the court-related details of divorce finances. They help divorcing couples, single people, attorneys, family law mediators and other professionals evaluate and analyze the financial impact of settling a case out of court or going to trial. A good CDFA is also experienced in things like tax implications, retirement accounts and other financial planning matters that might affect a divorce settlement.
Reasons why you may need to hire a CDFA
It is not necessary to hire a CDFA if you are getting divorced in New Jersey. However, having an objective third-party expert who can provide insight and financial advice on the potential outcomes of divorce can help ensure that both parties enter into an agreement that is fair and equitable based on their individual financial situations. Additionally, many attorneys will recommend hiring a CDFA to help save time and money in the long run. Ultimately, it is up to each couple to make the best decision for their unique situation.
Considerations when hiring a CDFA in New Jersey
When hiring a CDFA in New Jersey, couples should investigate the professional to ensure they have the qualifications and experience to help them with their divorce. It’s important to look for someone up-to-date on all relevant laws and regulations in New Jersey and any other state that might come into play when dividing assets or debts.
Additionally, couples should look for someone objective, unbiased and willing to work with both parties fairly. Finally, it’s important to find out what fees the CDFA charges since they can range from $100 per hour or more depending on the case’s complexity.
As you navigate the uncertain waters of divorce, seeking assistance from a Certified Divorce Financial Analyst (CDFA) can be a strategic move. Their expertise and guidance can offer a comprehensive financial perspective, illuminating the path toward an equitable settlement while minimizing financial stress.