Not many people who have gone through a divorce in Texas have heard of Certified Divorce Financial Analysts, or CDFAs. This specialized service can help couples get their finances in order and prepare for life after divorce.
Why hire a CDFA?
Certified Divorce Financial Analysts are trained professionals with a background in financial planning and divorce law. CDFAs are there to help you better manage your finances during and after the split.
One benefit of Certified Divorce Financial Analysts over accountants or lawyers alone is their intimate knowledge of both areas. A CDFA will be able to answer tough questions regarding divorce tax law as well as how to handle pension funds or other retirement accounts.
CDFAs will also be able to help you plan for the impacts of alimony or child support whether you’re receiving it or paying it. They can also help you determine what’s personal or marital property and give you appropriate values for both.
One of the major perks of hiring a CDFA is the ability to plan for the long-term impact of the divorce. A CDFA will help you account for the cost of living going forward, taking things like alimony payments and even inflation into consideration as you negotiate your divorce.
Who benefits from hiring a CDFA?
Most individuals can benefit from hiring a CDFA to help them during their divorce. CDFAs go through certification and must be licensed, which gives credibility and experience to any acting CDFA. However, their specialized services can be pricey.
If you have multiple assets, deeply entangled accounts or a high net worth, then you might benefit from hiring a CDFA. Ultimately, the decision to hire a CDFA comes down to each individual and how they want to plan their divorce.