Financial stability plays a large role in determining the outcome of many divorce cases. Some divorces involve many assets obtained over the course of marriage. These assets can include real estate, savings, investment and retirement plans. Marital laws in Texas establish the necessity of equitable asset division of community properties, that is, a disproportionate division of assets obtained in marriage according to the needs of each spouse.
Establishing need is difficult to do. Many arguments for asserting ownership over assets may seem fickle or futile. This is where the assistance of a Certified Divorce Financial Analyst (CDFA) can be helpful.
What does a CDFA do?
To oversimplify a complex role, the CDFA’s job is simply to make the financial division in a divorce less painful. Their role is not to replace a divorce attorney, but to assist them in research and proposing ideas for asset division.
CDFAs are trained to anticipate the long-term effects of divorce. This can help clients save money by avoiding unforeseen financial mistakes relating to divorce agreements, including looking ahead toward retirement.
When child custody is involved, parents may want to consider saving up for college. A CDFA can assist the parent primarily responsible for the financial support of the children to make decisions considering long-term goals of sending kids to college.
CDFAs can expedite the divorce process as well. Some divorces involving multiple assets could take as long as a year to resolve. With a CDFA assisting the attorney, financial decisions can be made much quicker. This can also save money on attorney fees.
It may seem like an unnecessary expense but hiring a CDFA can assist a divorcing couple by making a painful life event less stressful.