If you’re going through a divorce in Massachusetts you and your former spouse might consult a certified divorce financial analyst (CDFA). Before you start speaking with a CDFA, it’s understandable to wonder what these professionals do. Here’s more information about CDFAs and how they help couples going through divorces.
What is a certified divorce financial analyst? (CDFA)
A CDFA is a person who assists each person in a divorce with their future finances. While every CDFA provides the same general services, these professionals can come from slightly different backgrounds. For instance, one CDFA might specialize in financial planning while another comes from an accounting background. Regardless of their background, someone must complete specified training to get their official CDFA certification.
How does a CDFA help people going through divorces?
The average divorce can cause a lot of financial change in people’s lives. A CDFA steps in to make life after a divorce easier for all parties involved.
In most cases, CDFAs will spend time researching the value of a divorcing couple’s assets. These assets might include marital homes, retirement accounts and life insurance plans. After this process is complete, a CDFA typically works with both parties in a divorce to fairly split up their assets. This person can also assist couples with creating fair child support payments if a divorcing couple has children together. A CDFA also plays a vital role in helping couples navigate their finances after a divorce. This is extremely helpful for people who will soon live on a single income.
As you can see, a certified divorce financial analyst can provide peace of mind for divorcing couples. While it might cost a little extra money, the help that CDFAs provide can speed up almost any divorce process.