A Certified Divorce Financial Analyst (CDFA) Can Help
The process of a divorce can last a year or more. A Certified Divorce Financial Analyst (CDFA) can explain all the financial aspects of your decisions and help you to make smart choices throughout the process.
A CDFA works with you and your attorney to forecast the long-term impact of the divorce settlement. This includes tax liabilities, long term and deferred savings, retirement and college savings plans.
What is the real cost of your divorce?
A CDFA can assist you on planning a budget and help you adjust to the cost of your new living arrangements. Life insurance, health insurance and cost of living increases need to be considered when agreeing on a financial settlement.
There are a lot of misconceptions around the divorce process. A CDFA can help cut through the financial lingo and bring greater understanding to your situation. A CDFA can also help you build a realistic, stable financial budget for both the long and short term
A CDFA will help you take stock of your current financial situation, including:
- The current balance in all bank accounts
- The value of any brokerage accounts
- The value of investments, including any IRAs
- Your residence(s)
- Your autos
- Your valuable antiques, jewelry, luxury items, collections, and furnishings
- Examine copies of the past two or three years’ tax returns
- Make sure you know the exact amounts of salary and other income earned by both yourself and your spouse
- Examine papers relating to insurance-life, health, auto, and homeowner’s-and pension or other retirement benefits
- List all debts you both owe, separately or jointly. Include auto loans, mortgage, credit card debt, and any other liabilities.
This will help you to make smart decisions regarding how debts incurred during the marriage are to be paid off and obtain preliminary information for the eventual division of property. Assessing the above is critical in planning a secure financial future.
Contact our office – we have the areas only Certified Divorce Financial Analyst who is also a CPA. A true asset to your post-divorce financial planning process.