Preparing to move from married to single? There may be a divorce professional who could make a world of difference to the bottom line of the divorce process. Known as a certified divorce financial analyst, or CDFA, this is an individual who is highly trained in the area of divorce finance who can help spouses make the best possible decisions during the course of their Arizona divorce.
A CDFA begins by looking over all of his or her client's financial information, both personal and marital. This includes income, assets and debt. Once that information has been gathered, the CDFA will work with the client to determine his or her short- and long-term goals. The understanding of goals provides the base level of information needed to guide the client through various options pertaining to the property division portion of his or her divorce, allowing the client to reach an outcome that is in line with his or her needs.
Issues that can be addressed with a CDFA include the tax ramifications involved with certain property division options, the wisest investment options for retirement, and the need to make changes to one's insurance coverage, living expenses and other financial matters. Creating a post-divorce budget is another valuable service that a CDFA can provide to a divorcing client. Having a budget for setting up life as a single person is a financial need that many spouses overlook during divorce.
Many in Arizona balk at the idea of adding yet one more expense to their divorces. However, taking advantage of the services of a CDFA can lead to significant financial savings, both during and after the divorce process. In the long run, it can be an expense that is repaid many times over in the years to come and is well worth consideration.
Source: marketwatch.com, "6 critical steps to prepare your finances for divorce", Shawn Leamon, July 15, 2016