Financial Specialist

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.

© Collaborative Law Institute of Illinois
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