During the Divorce Process
50% of marriages end up in a divorce .Going through a divorce is an emotional and challenging process, and sometimes it is very hard to figure out what to do – this is where we help you.
Planning is crucial in a divorce.
Planning for the future is an essential part of every divorce settlement. Separating or divorcing couples often face a major transformation in each of their financial circumstances. The bottom line is that two households must survive on the same income formerly supporting one household.
How will working with me be of benefit to you?
I will…….
- Help you take control of the divorce process
- Help you gain a clear understanding of your current financial picture
- Help you get a clear understanding of your future financial picture
- Help you be more focused on reaching a fair and workable settlement
- Help you negotiate your settlement in a way that will serve you going forward
- Help you to minimize legal fees
- Help maximize marital assets
Financial Planners have traditionally worked with individuals after divorce, helping them build new lives and to plan for their future. I am of the strong belief that this should be done during the divorce process, especially for most woman who have left the financial planning of their family to their husband. Statistics show that men get an improvement in lifestyle of 10% and woman get a decrease in lifestyle of 30% after a divorce.
Since settlements are in large part financial, a Divorce Financial Planner can explain your options and help you prioritize, and guide you through the hard choices ahead.
Often, the financial data on which settlements are based is unreliable. This leads to future problems for one or both parties. Accurate financial information helps the parties achieve workable settlements quicker and to accept realistic lifestyle changes when necessary.
Planning for your future as well as your children’s is an essential part of every divorce settlement. Careful financial planning is paramount to your wellbeing.
Settlement Process
During the settlement process, a Divorce Financial Planner plays a crucial part of the divorce team. The division of assets and maintenance (if required) can be projected to determine your financial future. These are some of the questions that we will work through.
- How long will the money last?
- What income can be generated?
- Is the settlement adequate, or is living” hand to mouth” going to be my reality in the next one, two, three, four, or five years?
- Should the house be sold, and if so, when and how the title deed should be registered?.
What we do during the process:
- We compile, organize, and value your assets
- We analyze liabilities
- We estimate Immediate needs
- We help you develop realistic budgets
- We help you manage your lump sum settlements
- We help you estimate maintenance needs
- We analyze your long term cash flow and net worth
- We compare and comment on settlement proposals
By doing this, we develop alternative settlement proposals that can be made to the division of assets or maintenance/child support to create a workable solution. Within this process we will do the following:
- We discuss and prioritize your financial goals.
- We estimate future earning potentials
- We estimate College and Educational Costs for your children.
- We project your retirement needs.
- We analyze your Insurance needs
Post Divorce
- We set up budgeting and money management systems
- We manage Investments
- We monitor results