Chartered Financial Divorce Specialist

Chartered Financial Divorce Specialist Provides the financial calculations used by lawyers during the divorce process. What is the role of a CFDS? The importance of a CFDS is to assist lawyers and/or mediators in designing settlement proposals that will maximize client's satisfaction, considering the available financial options. They provide financial analysis of a couples' assets, liabilities, income, child and spousal support payments, also taking into consideration inflation and the changing tax consequences. Additionally they present insight with respect to pension plans, other investments and insurance (including ongoing protection), while showing options for future financial projection scenarios. Those who have obtained the CFDS designation help educate clients on tax and other financial consequences of retaining or giving up certain assets, as well as budget management during the difficult period they face. How and when does a CFDS enter the divorce process? A CFDS can be recruited directly by one or both parties and/or by one or both lawyers or a mediator. A Letter of Engagement outlining the scope of services and cost is signed by the clients at the outset. The CFDS can work within the litigation, mediation or collaborative process. A retainer is secured based on the estimated amount of time to be devoted to the case including analysis and projections for various settlement options plus other services described. CFDS can be engaged at any time in the process of separation or divorce. At the beginning, to help collect financial data required, or during deliberations to help analyze financial proposals or close to the end to evaluate scenarios and prepare future based projections to aid in the decision making process. ottawafds.ca