Should I keep the house? What do I have to spend after paying taxes on my support? How can I add to my 401(k) if I have to make these support payments? What do I do with my portion of this retirement plan? Will I financially survive this divorce? These are just a few of the many financial questions that often arise in a divorce.

A Certified Divorce Financial Analyst (CDFA) can help to answer these questions. These professionals have backgrounds in financial planning, accounting or investment management, and have successfully completed training on the financial issues of divorce. CDFA's have experience with income and expense analysis, stock options, pensions and profit sharing, health benefits and insurance and tax issues. They are bound by a code of ethics and must maintain significant continuing education credits.

Many CDFA's are trained in the Collaborative Law model, and can become part of a team that assists a couple in negotiating a settlement. While not used in all collaborative cases, a financial consultant can be extremely helpful. The neutral financial analyst can orchestrate gathering and organizing of (and providing education when necessary about) the family's assets, debts, retirement plans, and budgets. Additionally, the financial consultant can assist in developing future budget projections for two separate households. With the help of the financial consultant, all parties and counsel are kept up to date on and on the same page in understanding the couple's financial reality.

As the team begins to discuss asset division and support payments, the CDFA will use mutually agreed upon assumptions to provide short and long term projections that clarify for all parties the estimated effect of options on lifestyle and future financial security for both households. Theoretical options begin to feel real to the parties. When everyone can view the same projection, has played a role in its development, and is educated regarding what these estimates mean in specific terms of day to day living, they can proceed toward settlement with greater confidence. If one party has less financial knowledge, he or she is brought up to speed, with the other party always aware of what is being discussed. There are no dueling professionals, only a sharing of information and one desire to achieve a solution that can be agreed upon by all parties. Each member of the professional team is free to concentrate on what he or she does best. Synergy is created through the team. The team becomes more efficient and effective, and this often translates to savings in time and money.

In one local example, the financial expert helped a couple analyze historical expenses, and project their future budgets. With several children, money was tight and with a business in its crucial early growth stage, assets were relatively illiquid. The planner was able to work directly with the couple and their attorneys to suggest an expert to value the business, and then to propose a support plan, asset division, a delayed installment buyout of the business and mutual ownership of real estate that provided a stream of income to both parties. The planner demonstrated how the couple could meet their budgets, permit the business to both continue to grow and meet its credit obligations, and achieve an equitable solution to the dissolution.

Certified Financial Planners™ and Certified Divorce Financial Analysts are bound by a code of ethics determined by the governing organizations, and maintain significant continuing education credits.