Some divorces in California can be quick and straightforward, particularly if the spouses do not have many joint assets. However, if you and your spouse have accrued a lot of wealth during your marriage, your high-asset divorce will be more complex. A Certified Divorce Financial Analyst, or CDFA, can offer guidance and help as you sort through your assets and work towards a fair and balanced settlement.
How can a CDFA help you during divorce negotiations?
A CDFA can be an integral member of your divorce team who works closely with the other professionals in your team, which can include a financial advisor, accountant and lawyer. During a high-asset divorce a CDFA can help spouses better understand how their finances work as they prepare to negotiate during the division of property. Some of the issues CDFAs can assist divorcing spouses with include:
- Organizing marital and individual assets and debts
- Identifying the types of accounts owned by the couple, including savings, investment and retirement accounts
- Evaluating life insurance policies
- Creating spousal and child support agreements
- Explaining the tax implications of asset division
A CDFA can aid you in planning for the future
A CDFA can work with your divorce team during mediation preparation and mediation sessions or during court litigation to help you prepare financially for the future. Such a professional can also help spouses who are negotiating the divisions of their assets create realistic budgets for their life post-divorce. Because they are neutral third parties during the process, CDFAs can assist couples as they work towards fair settlements that work for both spouses.
A high-asset divorce involves many types of accounts that need to be addressed differently and that can make many different financial and tax implications depending on how they are handled in a divorce. A CDFA can help you work towards a favorable settlement that prepares you for a financially stable and strong future.