When you’re going through a divorce in Washington, you may want to consult with a certified divorce financial analyst, or CDFA. These professionals learn about tax law, financial planning and asset distribution to help divorcing couples walk away in better financial shape. Mistakes made during your divorce settlement could cause both you and your spouse to lose money, so a CDFA could be worth it.
Qualifications of a CDFA
Certified divorce financial analysts must pass the Institute for Divorce Financial Analysts exam to become certified. They also need to have three years of experience and a bachelor’s degree or five years of experience. Every two years, certified divorce financial analysts have to receive 30 hours of ongoing divorce-related education to keep their certifications.
Benefits of hiring a CDFA
Hiring a certified divorce financial analyst early on in your divorce could save you money and time. You and your spouse likely won’t argue as much over the best way to divide your property when you have the input from a CDFA who can explain the tax implications of each option.
They could also let you know what the future financial implications are of a proposed plan for your divorce settlement. They know how to factor in child support, child custody, alimony and taxes into their estimations. Certified divorce financial analysts could provide more accurate valuations of your assets. You may also ask a CDFA to help you create a budget and financial plan to set yourself up for success after the divorce. Many people struggle financially after a divorce because of the mistakes they made during it, but that doesn’t have to be your situation.
Certified divorce financial analysts have training and experience with managing the challenging financial decisions to make during a divorce. You may want to consult with a CDFA to have more confidence in the decisions you make.