When you get to a point where you have to divorce your spouse, there are a lot of emotional challenges and confusion that arise. As such, it’s best to find someone to help you make the right decisions during your most vulnerable time. This is where a certified divorce financial analyst (CDFA) can help. Here’s what you need to know about CFDAs in Washington State.
What is a certified divorce financial analyst?
A CFDA is a financial professional trained to assist their client and their attorney in understanding how the financial decisions they make during a divorce can affect them in the future. Washington State is a community property state, meaning the court will divide your marital assets equally. Without proper knowledge of how this works, you can miss out on what you rightfully and legally deserve.
What does a CFDA do?
A certified divorce financial analyst will work with you to understand your financial situation and develop a plan for your divorce. They will take into account all of your assets, liabilities, income, and expenses. They will also consider your tax situation and any other factors that may impact your finances. Once they have this information, they will work with you to create a budget and develop a plan for dividing your assets and debts.
Do you need a CFDA
You might not need to work with a certified divorce financial analyst, but it may be necessary if you have been married for quite a long time. Assets can get easily commingled during the marriage, and thus, a property that you might think to be separate can actually be marital. Also, if you are not sure how to handle the assets you might get after a divorce, you may need CFDA help.
Certified Divorce Financial Analysts can be a valuable asset during the divorce process. If you are considering hiring a CDFA, then be sure to evaluate their certification, experience, and trustworthiness. With the right financial analyst on your side, you can confidently navigate the divorce process and get the best possible outcome for your future.