While divorce takes an emotional toll, most Georgia couples will also face financial consequences after their split. Navigating those consequences can be tricky as you may have no idea what you will face. A certified divorce financial analyst (CDFA) can help you through the process and possibly minimize the impact of divorce on your assets.
What is a certified divorce financial analyst?
A CDFA is a financial professional who has gone through specialized training and certification to provide advice on:
- Accounting and financial planning
- Divorce and tax laws
- Alimony and child support
- Dividing property
- Determining the future value of retirement and pension accounts
- Calculating divorce payments
Generally, CDFAs work closely with attorneys to help clients understand family law and make the divorce process smoother. They can also help determine your future cost of living.
Services provided by CDFAs
These professionals are beneficial when you have to split marital assets. Most work with financial software that helps determine the value of real estate, pensions, life insurance and retirement accounts. They can help divorcing couples find the most equitable split of their assets, which may not be a 50-50 percentage. Using a CDFA can help you avoid a lengthy court battle or going through mediation.
Do I need a CDFA?
Not all couples going through a divorce require CDFA services. If you already work closely with a financial planner who has already worked out a long-term post-divorce budget for you and has realistically guided you through the financial implications, or if you don’t have complicated assets, you may not need one.
Ask friends and associates for recommendations on finding a professional. Interview several CDFAs before selecting one. Ask to see certifications, and don’t be afraid to inquire how long they have been practicing and related questions.