4 Benefits of Attorneys Partnering with CDFAs

When navigating the complexities of divorce, both attorneys and their clients benefit from the specialized expertise of a Certified Divorce Financial Analyst (CDFA). By collaborating with a CDFA, attorneys can enhance the quality of service they provide, leading to more confidence and clarity for clients and ultimately a healthier path moving forward. 

This post was inspired by my recent participation in a panel at the Colorado Family Law Institute event where I spoke alongside Andra Davidson and Diane Wozniak. The discussion focused on strategies to creatively utilize neutrals, such as coaches and CDFAs, to improve attorneys’ clients experience by increasing efficiencies, reducing conflicting, and keeping families out of court. In this post, we’ll discuss several key advantages of working with neutrals in the divorce process.

1. Flexibility

One of the most significant advantages of working with a CDFA is the flexibility they bring to the table. Unlike traditional collaborative law settings that require structured and formalized processes, a CDFA can adapt to the needs of both the attorney and the client. Whether serving as an advocate for one party or as a neutral expert for both in a more collaborative dynamic, a CDFA offers tailored financial insights that align with the specific needs of the case. This flexibility helps the parties receive the support they need, in the format that best aligns with their situation.

2. Time Savings

Preparing for divorce proceedings often takes longer than expected, and a CDFA can streamline various aspects of the process. A CDFA can be brought in at any stage to consult on financial matters, understand clients’ needs, and offer strategies tailored to those needs. Their ability to efficiently gather and analyze financial data can significantly reduce the time attorneys spend on financial discovery, allowing for faster resolution and reduced legal fees. Both client and attorney’s typically are  provided with sworn financial statements and marital balance sheets to get acquainted with the data before initiating in formal negotiations.

3. Enhanced Client Support

Divorce is not just a legal process—it's an emotional and financial one as well. A CDFA can provide support that complements an attorney's legal expertise, helping clients feel more confident and prepared as they navigate pending financial agreements and their real-world implementation. By preparing clients for mediation, offering financial guidance, and exploring financial strategies, CDFAs help clients feel financially equipped to handle their divorce. A CDFA can also build client confidence in the financial issues important to them, and empower clients to put foundational plans in place to help them reach long-term financial goals. This holistic approach often leads to more successful outcomes and greater client satisfaction.

Specifically, CDFAs can help with:

• cash flow analysis
• valuing separate property/assets
• asset distribution strategies
• pension valuation/offsets
• retirement analysis
• executive compensation
• tax analysis & management
• support structures
• tax adjustments
• division analysis
• housing considerations/planning

4. Preparation

Preparation is key to a successful divorce settlement, and a CDFA plays a critical role in navigating the divorce process. By assisting with drafts of sworn financial statements and creating marital balance sheets, CDFAs provide attorneys with the financial clarity they need to make decisions with confidence. They also identify potential issues early on, allowing for proactive resolution and reducing the likelihood of stressful surprises during negotiations. Post-decree issues are less likely to surface when clients receive comprehensive service during their divorce. The sooner a CDFA is involved, the sooner both the client and the attorney have access to the financial information necessary to drive the case forward. 

Including a trusted CDFA in the divorce process offers attorneys a valuable partner in navigating the financial complexities of their cases. From providing flexible collaboration options to enhancing client support and accelerating preparation, CDFAs contribute to more efficient and effective divorce proceedings. Attorneys who work with CDFAs are better equipped to serve their clients' needs, ultimately leading to more favorable outcomes for all involved. 

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