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Benefits of working with a certified divorce financial analyst

On Behalf of | Aug 2, 2022 | Family Law

Divorce is a challenging process for anyone. Along with the emotional frustration, the couple must divide their assets appropriately. In West Virginia, the court will not grant a divorce until there is an equitable division of money and property. Working with a certified divorce financial analyst (CDFA) can simplify this task.

What is a CDFA?

A certified divorce financial analyst is a professional whose studies focus on divorce law and financial management. They work with lawyers to handle the division of assets and other financial decisions during divorce proceedings.

If you work with a CDFA, they will need access to the financial information of both parties. They will look at your assets and provide a valuation for property and other possessions. This examination allows them to divide assets fairly and predict the financial impact of the agreement over time.

A CDFA must have several years of experience and pass an exam administered by the Institute for Divorce Financial Analysts. They must also participate in continuing education to stay current in divorce law.

When to use a CDFA

The longer two people are married, the more difficult it is to separate their finances. Couples with many assets will also find it challenging to make a simple division.

When a CDFA examines the assets early in the proceedings, their report will better inform the couple and their lawyers as they seek a fair division as it provides a clear value of all financial assets. Employing a CDFA in addition to divorce lawyers can streamline the divorce process, saving money in the long run.

Divorce is a legal procedure that requires planning. Working closely with CDFAs and other divorce professionals can make this challenging task easier for both spouses.