There’s a lot that Tennessee residents need to consider when preparing for a divorce. For many residents, figuring out how to separate and prepare their finances after the divorce is the most stressful of all.
That’s why Certified Divorce Financial Analysts exist. A Certified Divorce Financial Analyst – CDFA for short – is a financial professional who is trained and certified in giving financial advice during a divorce.
What do CDFAs do?
In short, a CDFA will look over all of your finances and give you advice on how to split them in the divorce. They’ll also provide advice on:
- Budgeting for your life after divorce
- How much you should ask for in alimony or child support
- Helping you figure out retirement and pension plans
CDFAs will also provide you with advice as to divorce payments and divorce tax law. They can also go over all of your joint and personal assets, giving guidance as to what you should ask for and use as leverage.
Who benefits from a CDFA?
People who are worried about their financial situation after the divorce is finalized would benefit from hiring a CDFA. It can be tricky to plan your financial future while you’re going through a divorce, but missing steps can be costly.
In addition to helping you figure out what to ask for in alimony and child support, a CDFA can help you develop a monthly budget for your life post-divorce. What makes their advice unique is that they can help you predict how your budget will change down the line based on how much the cost of living will go up.
Do I really need a CDFA though?
In short, no – if you’re looking to protect yourself financially in a divorce, a CDFA might be helpful. But they’re expensive and aren’t necessary for every divorce.
It’s important to look over all your finances yourself before you hire a CDFA for that reason. And if you’re nervous, you can always ask your current accountants or divorce team.