DCF target capital structure?

Should you use a target cap structure for a dcf?

let’s say we are modeling a deleveraging company.

I understand in period 1, we have EqV = EV - debt + cash, so all future cash flows go right into EqV because we already took away the amount entitled to debt holders. 

But should we not adjust wacc? I've seen posts on here about this but I feel like the answers are not great. do you guys do blended approaches to wacc here?