Divorce remains steady in California and the United States. If you and your spouse have decided to end your marriage, you both have a lot to consider. You may want to involve a certified divorce financial analyst or CDFA in the process. It helps to know what they do to determine whether you need one.
What is a certified divorce financial analyst?
A CDFA is trained in the area of finances involved in a divorce. They usually work with a divorce attorney and may have a background in accounting, financial planning or divorce law. CDFAs are professionals who are required to undergo training to receive a certification. They can help you with financial aspects of your divorce such as the following:
- Division of marital property
- Divorce tax law
- Determining spousal support payments
- Determining child support payments
- Determining the value of retirement accounts for the future
CDFAs are also trained in the area of calculating your cost of living while taking inflation into consideration. They can help make sure that the division of assets is done fairly.
What services can you receive from a certified divorce financial analyst?
A CDFA can help you with the financial aspects of the divorce process and help enlighten you on how the way your assets are divided might affect you in the future. Thanks to special programs, a CDFA can analyze the following:
- Life insurance
- Real estate property
- Retirement accounts
You can also get their assistance in determining what your monthly budget could be after your divorce is final. Usually, people get the help of a CDFA to give them an idea of their lifestyle after a divorce or to see what their tax situation might be after a divorce.