One spouse handles the finances in many marriages, often leaving the other party in the dark. If a divorce occurs later, the spouse who did not manage the finances may feel lost and overwhelmed, especially if the two accumulated many assets over the course of the marriage. In this situation, hiring a Certified Divorce Financial Analyst, or CDFA, is usually a wise move.
Benefit of hiring a CDFA
In New York and elsewhere, an important part of preparing for divorce is gathering essential documents. This is because both spouses must complete sworn statements of liabilities, assets, expenses and income. A CDFA can help a divorcing individual identify what he or she owns, as well as plan for his or her financial future.
Hiring a CDFA is especially invaluable for a divorcing spouse who is not comfortable dealing with financial details. A CDFA may also help with complex and high-value assets, like collectibles, jewelry, expensive artwork, business holdings and multiple homes. Self-employed individuals may benefit from working with CDFAs as well.
An attorney can help
A family law attorney in New York typically guides a divorcing individual through the asset division process, working alongside his or her CDFA to get the client the best possible settlement. The attorney will explain to the client the financial and tax implications of dividing his or her marital assets in various ways during this process. The attorney’s main aim will be to protect the client’s rights and best interests both short term and long term.