Divorce in Michigan is usually an incredibly stressful period in any person’s life. Splitting finances can make divorce even more painful. Sometimes, divorcing couples need outside help to get a sense of their financial lives after separation. A certified divorce financial analyst (CDFA) can be essential to helping divorcing couples reach an amicable financial resolution.
What is a CDFA?
A CDFA is a financial expert who is trained in dealing with financial matters concerning divorce. This professional is paid to look at the finances from both parties and determine who owns what as part of divorce proceedings. But they do not only have an arbiter role. A CDFA is also helpful as a financial advisor who can help both parties in a divorce navigate their new financial situations. They can help couples agree to pricing on certain items while also drawing up budgets and finding new vendors for different products.
When is it necessary?
A CFDA can be a sizable expense and involve intrusion into a couple’s personal financial lives. As a result, there are only some instances in which they are necessary. Many of these situations in which couples hire a CFDA are related to the size of a couple’s assets.
Couples with significant assets often require a CDFA to sift through this financial maze and find a workable solution. They may also need this expert to help find a resolution for alimony payments and child support if children are involved. Disputes concerning assets can sometimes drag on for years and cost each party thousands of dollars. A CFDA can bring order and resolution to such disputes before they start and allow both parties to get on with their lives after what can often be a harrowing divorce process.