Jeff Mohlman Certified as a CDFA®
September 11, 2020
Jeff Mohlman has been certified as a Certified Divorce Financial Analyst Professional. This certification will allow Jeff to work with clients, alongside their attorneys, on their financial planning during the divorce process. While the attorney works through the legal matters of a separation and divorce, a CDFA® will be there to make sure clients understand their financial picture, how divorce will impact their assets, and advise them on how to weigh their best financial decisions to move forward.
What is a CDFA®?
A Certified Divorce Financial Analyst works alongside your attorney in the divorce process. A CDFA® is not a replacement for a lawyer and will not give legal advice, but the role of a CDFA® professional is to assist the lawyer, who cannot give financial advice, with financial issues during the divorce process. They take the financial information from the client and attorney and analyze the data to help understand the different settlement options. A CDFA® professional has taken a certification exam to prove their understanding and expertise in divorce law terminology, property and taxes, retirement plans, spousal and child support, financial planning, and other financial specialty areas. A CDFA® professional has a minimum of three years experience as a financial professional and a Bachelor’s degree.
Why is a CDFA® Important During a Divorce?
A CDFA® Professional will play many different roles while working alongside your lawyer during the divorce process.
· Strategist: Your divorce attorney will need to understand the financial implications of different divorce settlements. A CDFA® professional will prepare an analysis, giving the attorney the information needed to negotiate for the most advantageous settlement.
· Financial Expert: Your divorce attorney is not as strong of a financial expert as a CDFA® and is not legally permitted to testify on behalf of their client in court. A CDFA® will examine all the financial data, including investments, retirement plans, business records, tax returns, and all other finances. A CDFA® can be present during mediations and hearings to present financial evidence necessary for divorce settlements.
· Budget Support: A CDFA® will collect data for the financial affidavits and help strategize post-divorce budgets. CDFA® professionals will help clients develop realistic expectations of how finances will work in the divorce process. A financial professional is in a much better position to do this than an attorney.
Advantages of Using a CDFA® During Your Divorce
Divorce is a stressful process and the financial piece is often very complicated. A CDFA® professional will help:
- Identify the short and long-term impact of property division.
- Identify tax issues.
- Analyze retirement plans and how divorce will impact them.
- Determine if the client can afford to stay in the home, and if not, what their housing budget is.
- Evaluate insurance plans and needs.
- Understand estate plans and the impact of the divorce on long-term financial planning.
With this certification, Jeff Mohlman will be available to help you through one of the most stressful parts of your life and can see you through the process in the best possible way. Divorce is never easy, and you need trusted professionals by your side to help you through it. If you’re going through a divorce and are concerned about your assets and what your divorce will mean to your short and long term financial goals, contact Jeff Mohlman today.