Some divorces are simple and amicable, particularly if the couple owns few assets and does not need to negotiate custody or support. Other divorces, however, are more complex due to the amount and types of assets the couple has accrued. When a Texas couple owns a lot of assets, they might benefit from hiring a certified divorce financial analyst, or CDFA, to help them reach a fair and balanced divorce settlement.
How does a CDFA assist couples?
A CDFA assists couples during divorce by working with both parties and their lawyers and analyzing the couple’s assets using the information provided by each party to help them reach an agreement on child support, division of assets, spousal support and other divorce-related issues. The CDFA advises each party on the effects of tax law and on the short-term and long-term values of different options for the divorce settlement. Some of the issues CDFAs can help with include:
- The value of the family home
- The length and amount of alimony payments
- The value of individual assets and debts
- The tax implications of different financial decisions
What preparation does a CDFA need?
CDFAs must have a bachelor’s degree and at least 3 years of experience working with divorcing couples. If they do not have a degree, they must have at least 5 years of relevant experience. They must also be certified as CDFAs by passing an exam designed by the IDFA. To achieve this certification, they can just take this difficult exam, or they can pursue one of the three other options: completing self-study, a self-paced eLearning course or attending class in a virtual classroom.
While hiring a CDFA is an additional expense during a divorce, their assistance might save the couple time as they negotiate their settlement. This might also save the couple money as the process might be concluded faster.