If you are in the midst of a divorce in Washington, you know that the negotiations can be complex. A certified divorce financial analyst might be key to resolving difficulties about your settlement.
What does a CDFA do?
Most people probably haven’t encountered the term certified divorce financial analyst. What does the designation mean? A CDFA uses their knowledge of tax law asset distribution as well as short- and long-term financial planning to help couples achieve equitable divorce settlements.
CDFAs can provide valuable advice to attorneys and their clients in divorce cases as they should have the latest information regarding the financial implications of divorce. These professionals typically work with divorce lawyers and can actually help save you money in the long run. Among the topics they can advise on include:
- Divorce tax law
- Alimony and child support
- Personal and marital property
- Divorce payment calculations
- The future value of retirement and pension funds
Splitting your assets
CDFA are trained to help split the assets of couples seeking divorce, so they can help you develop realistic monthly budgets.
CDFA also take a long at the long-term picture instead of simply looking at what assets you have at the moment. These professionals take a long-term view of your situation to develop a plan for the following:
- Real property
- Investments, including retirement accounts, pensions and life insurance
How expensive are CDFAs?
The rates for CDFAs are similar to those charged by lawyers. However, they can be cost-effective if you are involved in a divorce involving high assets. You may not need to hire one if you already have a financial analyst or accountant who is experienced in divorce proceedings. Nevertheless, a CDFA is a good choice in certain situations.
If you are in the midst of a divorce, you need to consider the entire picture. Divorce is a complicated process that should address all legal areas of concern.