California residents who are going through a divorce might want to consider the services of a professional known as a certified divorce financial analyst, particularly if their money situation is complex or they are worried about their financial stability after the divorce. A CDFA is trained and certified in matters relating to divorce, including how to divide a business, real estate and retirement accounts as well as how to make a post-divorce budget.
How a CDFA can help
People who did not deal with finances very much at all in their marriage may be at a particular disadvantage in a divorce. They might not know how to predict what their financial life will be like after divorce or how to budget. They may also be uncertain about what approach to asset division would be most beneficial for them. While an attorney can help with the legal issues around asset division, some people may need the additional assistance of a financial professional who can drill down into the details and give them a clear understanding of their situation.
Understanding divorce-related changes
CDFAs are not inexpensive, so people who have fairly straightforward financial situations or who are confident about their own financial know-how may not need one. For others, the services of a CDFA can be invaluable, helping them with projections that show how inflation will affect their budget or assisting them in understanding such things as the role of alimony or how their taxes may change.
The process of divorce can be stressful, and trying to understand the current and future financial situation can add to that stress. For some individuals, hiring a CDFA may be a solution that helps them avoid financial pitfalls and allows them to move forward with more confidence about their financial situation.