Most divorces in Texas are challenging, but they can be incredibly stressful if a couple needs to split considerable assets accumulated during their marriage. Enlisting the help of a Certified Divorce Financial Analyst {CDFA) can make the process less stressful as these professionals can help both sides reach a compatible agreement.
Understanding CFDAs and Their Role
CFDAs are trained professionals who provide financial expertise and guidance to couples in the midst of divorce. Their primary goal is to help clients make an informed decision by analyzing the various financial implications of divorce settlement options.
The specialized skill set of CDFAs includes the following concentrations:
- Asset and debt evaluation
- Cash flow analysis
- Property division scenarios to facilitate equitable distribution
- Retirement and pension plans
- Calculation of appropriate child and spousal support
CFDAs can evaluate and point out what your future will be like following the final divorce decree. Even though working with a CFDA will cost additional money, you could save in the long run. The solutions they present are objective and informed, allowing you and your spouse to make an informed and fair decision when splitting your assets. They can also work with you to understand the long-term impact of various settlement choices, manage cash flow post-divorce and realize other financial goals.
Property division is complex
The longer you have been married, and the more assets you have amassed translates directly to a longer negotiation process for property division. Even if you have an amicable split, these issues can take time to resolve, so you and your spouse end up with an equitable division of your marital property. Many factors go into splitting property, including the nature of the property, the income, education and physical health of both spouses, and so on.
Working with a CDFA can help you minimize costly mistakes that may occur during the divorce process. With their specialized knowledge, they can point out settlement options that may leave you financially strapped. Consulting these professionals will allow you to evaluate tax consequences, discover improper valuation of assets or even find hidden assets that can change your settlement.