West Virginia couples who have gone through a divorce know how complicated figuring out finances during and after the divorce can be. That’s why Certified Divorce Financial Analysts – also referred to as CDFAs – exist.
CDFAs help couples and attorneys analyze each person’s finances to better split their assets. The goal of most CDFAs is to find a way to split finances equitably.
What does equitable distribution mean?
Most courts will make decisions based on what seems equitable and fair, based on the reasons for divorce and other aspects of the case. Equitable doesn’t necessarily mean equal though, as equal distribution of assets might not be fair to both parties.
For example, in a divorce where only one person worked during the marriage, it wouldn’t be fair to split all assets 50/50. The person who served as a homemaker will need more support while they adjust to life as a single person, start their career and figure out how to make ends meet.
While most courts aim for equitable distribution, it can be hard to know if the deal you’re getting is fair. That’s why some couples turn to CDFAs.
What do CDFAs do exactly?
CDFAs can help with many aspects of figuring out finances during the divorce process. CDFAs can help you figure out the exact value of each person’s assets, debts, and joint properties to fairly split it.
They’ll also help you address more complicated accounts, such as retirement and pension accounts. A CDFA can also help address any tax questions you might have about inheriting certain assets or properties.
Do I need a CDFA?
CDFAs are certainly helpful, especially for figuring out your budget for life after the divorce and handling complicated accounts. But they come at a price. It might be worth hiring a CDFA if you’re dealing with large or complicated accounts – but no one can make that decision for you.
