If you’ve decided to split ways with your spouse in Arkansas and get a divorce, it may have a significant effect on your financial future. Knowing all you can about the financial aspects of divorce is essential. Consulting with a certified divorce financial analyst (CDFA) may be helpful. Understanding their credentials and the role they can play when you’re getting divorced should be beneficial.
What is a CDFA?
Navigating through the financial consequences of getting divorced may be complex, especially if you’re not familiar with this area. Getting assistance from a CDFA may be helpful. They are a trained financial professional who typically comes from a background in one of the following:
- Financial planning
- Divorce law
To become a CDFA, an individual is required to go through training and certification. Doing so shows their expertise and highlights their ability to navigate the financial implications of getting divorced. Their ability to hone in on specific aspects financially of the long-term consequences of divorce may be related to these areas:
- How personal and marital property is divided
- The ramifications of child support or alimony
- Divorce payment calculations
- Examining retirement and pension fund future values
What does a CDFA do?
Splitting assets fairly when you’re getting divorced is critical to your long-term financial health. Having a CDFA assist with this task should be beneficial. They often work with legal professionals who handle divorce cases and can analyze the following assets using specialized software to help split assets appropriately. These areas can include real property, expenses, retirement accounts, pensions and life insurance.
Formulating a post-divorce monthly budget
Receiving the assistance of a CDFA can also help formulate a post-divorce monthly budget. They can work with you to help determine how you can afford the post-divorce lifestyle you desire. Understanding the role a CDFA can play when you’re getting divorced should be advantageous in ensuring your financial future stays stable.