Indiana couples going through a divorce might have a lot of questions about what happens to their finances after the split is finalized. Certified Divorce Financial Analysts, or CDFAs, exist to help you navigate these financial questions during the transition.
What does a certified divorce financial analyst do?
A certified divorce financial analyst will work with you and your lawyer to determine the financial implications of the divorce. This can include everything from alimony and child support to the taxes that come with divorce.
Certified divorce financial analysts assist by telling you what the cost of the divorce is going to be. In addition, one huge way that they can be helpful is by calculating your new cost of living.
CDFAs can also help you navigate the harder-to-determine aspects of your divorce. It might be easy to say who gets the house, but retirement accounts and other expenses might be harder to determine on your own.
What makes a good CDFA?
A good CDFA will come from a financial or accounting background and have a knowledge of divorce law. Some divorce lawyers end up working as CDFAs after they retire from the law, and some accountants gain experience in divorce law to help couples navigate financial changes during divorce.
These financial analysts must be certified before they’re allowed to help people. There’s special training that CDFAs must accomplish before they’re certified to offer support.
What to know about hiring a CDFA
Certified divorce financial analysts are similarly priced to lawyers with some areas having more expensive CDFAs. The cost of a CDFA’s services might also depend on the intricacies of the property or assets involved.
Due to the cost of hiring a CDFA, many people choose to bypass this service. A lawyer should know how to navigate some financial situations, but a CDFA offers specific knowledge that may help you make better decisions in the long run.
People who might benefit from hiring a CDFA include anyone who has a high net worth or a complicated financial situation. Ultimately, it’s up to each person to determine if a CDFA is right for them.