If you’re going through a divorce in California, the court will spend time looking at you and your spouse’s finances. Sometimes, a divorce can get quite complicated if the divorcing couple has a lot of assets. During these situations, it’s not uncommon for a certified divorce financial analyst (CDFA) to step in. Here’s a closer look at a CDFA at what they do during a typical divorce.
What is a CDFA?
A CDFA has the experience, skills and certifications to perform sometimes complex financial analyses involving a divorcing couple’s finances. It’s important to note that, in addition to experience, someone has to pass an exam from the Institute for Divorce Financial Analysts to receive their official certification.
What does a CDFA help with in a divorce?
If you were with someone for a long time, the two of you typically accumulate assets. These assets can include shared money, homes, vehicles, retirement accounts, stocks and cryptocurrency. With so many types of assets and factors determining a couple’s worth, it’s helpful to have a professional on hand.
In a typical divorce, a CDFA can help fairly value the debts and assets of each party in a divorce. It’s also possible for a CDFA to determine the value of marital homes and retirement accounts. If a divorcing couple has children together, a CDFA can help provide fair child support payment amounts.
As you can see, CDFAs can play extremely important roles during the divorce process. A CDFA isn’t only able to help with current assets, but they also help divorcing couples plan for their separate futures. A CDFA can help each party set up a budget for their life post-divorce.