Dividing marital property is one of the most difficult aspects of divorce in Missouri. Navigating the financial aspects of your split takes time, especially if you have amassed considerable wealth during your marriage. For some couples, enlisting the help of a certified divorce financial analyst (CDFA) can help you get a fair deal when your split is final.
What is a CDFA?
CDFAs are trained and certified financial professionals who specialize in the financial aspects of divorce. They have experience in financial planning, accounting and divorce law and often work with attorneys to help with negotiations. They can help couples have a big-picture view of their assets. These professionals use specialized software to determine the future cost of living as it relates to inflation. They will look at your present situation and future goals when helping to determine a fair settlement.
Among the factors they evaluate are:
- Retirement accounts and pensions
- Life insurance
- Real estate
Crafting an equitable divorce agreement
Equitable division of property is not always 50/50 in a divorce agreement. Only a few divorces result in half-and-half property splits unless both spouses have relatively the same earning capacity. Property division usually weighs in favor of the spouse earning less money. Even assets, like retirement accounts, generally are not divided in half. Understanding this concept and the factors that go into property division is essential if you want to get a fair deal.
Even though hiring a CDFA will add to the cost of a divorce, it can save you money. Working with one can shorten the time it takes for your divorce to finalize because you’ll understand the reasons behind the property division compromise. You may also be able to make wise financial decisions that will keep you more comfortable.