Strengthening your divorce practice with CDFAs

With nearly half of all first marriages and more than half of second marriages ending in divorce, lawyers who are called upon to handle these matters are busy and have no room for client dissatisfaction. Still, about 27 percent of people who hire lawyers for adversarial matters were dissatisfied with the services received, according to a recent study.

An ABA teleconference, "How Using a Certified Divorce Financial Analyst Can Strengthen Your Core Divorce Practice," showed how certified divorce financial analysts can increase client satisfaction in legal proceedings, specifically for divorce cases.

Trained as experts in financial matters surrounding marital estates and outcomes of divorce, CDFAs give advice as a complement to traditional legal counsel during divorce proceedings, adding value to offered services. They help to answer such questions as "Can I afford to keep the house?," "Am I entitled to my soon-to-be ex-spouse’s Social Security benefits?" and "Will I lose my pension?"

Some clients benefit from CDFAs more than others. Fadi Barhadihi, president and CEO of the Institute for Divorce Financial Analysts, suggests that clients who are set to divide large amounts of assets, those seeking alimony and couples who have been involved in long-term marriages would benefit most from the services of a CDFA. Additionally, high-conflict divorces may also be cause for seeking help from a CDFA.

The national average for retaining a CDFA is $1,500 to $2,500, with most cases taking approximately 10 to 25 hours. Total charges can range from $2,300 to $5,000. While divorces are already expensive without extra fees, CDFAs often provide forensic detail that may otherwise be overlooked.

A portion of the materials from the program may be accessed free of charge here.

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