If you are going through a divorce in Tennessee, you might need to work with professionals to help you through the process. You may opt to work with lawyers and mediators, who will advise you on divorce legislation, and, depending on your assets and financial needs, you might also work with a financial professional such as a CDFA.
The definition of a CDFA?
A CDFA, or Certified Divorce Financial Analyst, is a financial professional who has received training and has been certified by the Institute for Divorce Financial Analysts. They can help couples with a variety of financial concerns.
What role does a CDFA play during a divorce?
During a divorce, the CDFA can help couples in a variety of ways. Some of these ways include:
• Creating a realistic post-divorce budget
• Identifying marital and separate property
• Negotiating financial support, such as alimony and child support
• Advising on the tax implications of financial decisions
During the divorce negotiations, a CDFA can work with both spouses and their lawyers to figure out a fair division of property. They can help evaluate and establish the values of certain assets, such as real estate, retirement accounts, businesses and life insurance policies. With the knowledge of tax laws, they can help couples understand the real value of the divorce settlement.
Should everyone work with a CDFA?
A CDFA is not always needed during the divorce process. If you and your spouse have minimal assets and their value is easy to calculate, you might not need the assistance of a CDFA. However, if you and your spouse have accrued significant wealth during your marriage, and these assets are complex and difficult to value, working with a CDFA might be beneficial to you.
The assistance of a CDFA can help you save time and money during your divorce. They can help you negotiate a fair settlement for both spouses and might help prevent a lengthy court battle over the divorce settlement.