Benefits of Working with a Certified Divorce Financial Analyst with Jamie Lima
Divorce is not only an emotional transition, it’s also a significant financial shift that requires careful planning to secure your future. Making informed decisions and gaining financial clarity ensures that your choices align with long-term goals and support overall well-being when it comes to your finances. In this episode of the Amicable Divorce Network (ADN) podcast Jamie M. Lima, MBA, CFP®, CDFA®, a Certified Divorce Financial Analyst and Mediator with Allegiant Divorce Solutions and Woodson Wealth Management, shares how he helps clients navigate the financial complexities of divorce. Alongside Tracy Ann Moore-Grant, the Amicable Divorce Network Podcast host and founder of the Amicable Divorce Network, Jamie explains key financial considerations and the benefits of working with a Certified Divorce Financial Analyst (CDFA) to make financial decisions that support long-term stability. He offers practical advice on assembling a team to manage the financial and legal aspects of divorce, reducing stress, and securing a stable future during the transition.
Having witnessed his parents’ divorce at a young age, Jamie was determined to ensure that his future children did not experience the financial struggles that he and his family endured. This resolve led him to pursue an MBA and become a Certified Financial Planner. Years later, when facing his own painful divorce, he realized how valuable a Certified Divorce Financial Analyst (CDFA) would have been in navigating the process. Now, with 18 years of experience in wealth management, estate planning, and divorce financial planning, Jamie is on a mission to help others avoid the pitfalls he encountered during his own divorce. By combining personal experience with professional expertise, he guides clients through the financial nuances of divorce. Reflecting on his journey, Jamie emphasizes that his biggest mistake was not assembling a complete team of professionals to manage the transition. He advises clients to go beyond just hiring a lawyer and instead build a well-rounded team that includes legal support, financial specialists, and emotional guidance.
“My biggest piece of advice is that you want to create ‘team you’ when you’re going through a divorce. And that means having amazing legal support, seeking financial specialists, have an emotional support network in place (family therapist, divorce coach) to help you with the emotional aspects of divorce. And surrounding yourself with your friends, family, and loved ones that can be there to support you and be a sounding board that can help you through this – because this was the biggest mistake that I made in my divorce.”
-Jamie Lima, Certified Divorce Financial Analyst
Tracy notes that most clients fail to ask enough questions about the cost of divorce before making major decisions. This is one reason the Amicable Divorce Network carefully vets its members to ensure fair and transparent billing practices. Jamie agrees and emphasizes his passion for guiding clients through financial decisions. When approaching divorce, he suggests first and foremost that you ask potential attorneys if they are litigators or mediators. Reflecting on his own divorce, Jamie wishes he had chosen a mediator to help them find common ground and reach a more amicable resolution.
“From a financial aspect, the first question would be asking any potential attorney if they are a litigator or a mediator. Committing to the mediation process can help both sides come closer to ‘center’ and resolve tough issues.”
-Jamie Lima
Jamie further emphasizes that separating emotion from financial decisions during a divorce is often one of the biggest challenges. A CDFA provides the structure and expertise needed to help clients make clear-headed and strategic choices. By organizing their financial information, creating a balance sheet, and aligning details with their goals and objectives, a CDFA ensures that decisions are based on financial stability rather than emotional reactions. Jamie works closely with lawyers and mediators to assist in preparing clients for mediation, coaching them through the negotiation process. However, his role extends well beyond the divorce agreement. He provides transition assistance to help clients manage the immediate aftermath of the divorce, such as setting up accounts and handling cash settlements. As a Certified Financial Planner (CFP), he continues to support clients after the divorce is finalized and finances are put back in order to plan for the next 5, 10, 20 years. Many clients, fatigued by the divorce process, are prone to making poor financial decisions, which is why having a CFP on board is invaluable to help guide them in managing cash settlements, investments, college savings, and other long-term financial plans.
“You should not be making any major financial decisions within one year of that divorce. Just like when you lose a loved one, take 12 months to mourn the loss of your marriage before making any big financial decisions.”
-Jamie Lima
Tracy adds that many clients make decisions out of fear, which can be alleviated by proper preparation and hiring the right professionals to focus on what’s best for them. Both Tracy and Jamie stress the importance of having a cohesive legal and financial team to achieve better outcomes. Many clients hesitate to hire a separate financial advisor during the divorce process, assuming it will increase costs. However, Tracy explains that in the long run, clients often end up paying more in legal fees while receiving less specialized and strategic financial guidance. By working with a CDFA, clients can receive more tailored financial guidance, often at lower fees. By assembling the right team of professionals, including a CFDA, clients can navigate their divorce with greater confidence, ensuring their financial stability in their divorce process and long-term success beyond the transition.
Jamie M. Lima is a Certified Divorce Financial Analyst at Allegiant Divorce Solutions and a Certified Financial Planner at Woodson Wealth Management. His combined 18 years of experience in wealth management, estate planning, and divorce financial planning delivers a holistic approach, combining immediate financial concerns with long-term planning. Jamie hosts experts from the divorce community, mindset coaches, and financial professionals on his podcast “Broke Up, Not Broke-n”. The podcast is for those considering or going through a divorce and empowers them to take control of their life and finances throughout the entire process. Jamie also offers a Facebook group, “Preparing Financially for Divorce” with daily content and free resources to empower individuals navigating this challenging life transition.
To listen to the full episode and learn more about how to best manage financial decisions while going through a divorce, click here.
Follow the Amicable Divorce Podcast here.