Financial planning for people experiencing divorce, both through the actual divorce and in the months and years afterward, is a specialized field that works with individuals and couples to make informed decisions and understand how these decisions may impact them both in the short- and long-term.

Our team works with you to create a customized plan tailored to your unique financial demands and goals.

What you need to know to maintain your financial and emotional well-being during a divorce.

For individuals considering divorce, putting together a financial plan begins before the actual divorce. Our experience is that a solid framework should be in place before you move into the divorce proceedings, and we can help you take a proactive approach while avoiding unnecessary challenges that may arise from making emotional decisions. A helpful first step is to create a checklist of what you may be having to deal with, so that nothing is left out and there are no surprises.

Assess Your Needs

You can build your own checklist and compare it to the one most financial professionals will provide to help you gain clarity about the financial implications of a divorce. Some of the topics include:

☐ Gathering relevant documents
☐ Child support and primary custody
☐ Potential alimony
☐ Division of assets and property
☐ The tax burden involved with divorce
☐ Checking your credit
☐ Reviewing bank accounts
☐ Listing outstanding debts
☐ Taking into consideration attorney fees
☐ Other financial documents
☐ Insurance policies
☐ Revising your will and/or trust
☐ Other estate planning modifications
☐ Cancel any joint accounts
☐ College planning for children, if there are any
☐ Revising your beneficiary list
☐ Selling the house

The checklist is just a starting point. Each box of the checklist may be broken into smaller categories, uncovering unforeseen unique challenges that require your attention. We can work with you to sort through the details that apply to your situation, and create a comprehensive plan for managing each one and staying on top of everything in a regularly changing financial landscape.

Trust the Process

You may feel the desire to get the divorce over as quickly as possible, by any means possible. However, the process takes time, and it is often beneficial to take your time and be patient. The initial shock of the divorce is an emotional rollercoaster, and separating couples can find it difficult to make decisions.
Unfortunately, if not managed properly, uninformed or emotional decisions can lead to financial hardships. To avoid this, understand the value of being patient and allowing a financial professional to help you.

The benefits of seeking help from our team of professionals

We will help you explore the complex questions and factors that make divorce a financial precipice, from which you don’t want to fall, and the steps to take that will be most beneficial, help to alleviate stress, and safeguard your financial outcome. What are the financial responsibilities that may carry over into
your post-divorce life? If you aren’t sure what to do, stop- and seek help. We understand how difficult this is for all parties involved. Trust may have been broken, there is animosity, and the fear of having to deal with the unknown, but you don’t have to do it alone.

One key role we play in a divorce is through mediation, the inclusion of a third party (the financial professional), to provide guidance and help both parties work through issues. Our team offers clients a clear, unbiased picture of the financial situation, including several factors, such as:

• In-depth analysis – Financial professionals can help with the valuation of personal assets,
  creating a clearer picture of the marital estate by analyzing income and liabilities, as well as
  conducting a professional valuation of businesses and other complex assets.i
   Budgeting – They can help each party design a comprehensive and realistic budget to manage
  their post-divorce life.
• Tax implications – A divorce can have major tax consequences. A financial professional can
  provide clarification of the tax impact from changes to your filing status, settlement options, pre
  -tax versus post-tax retirement accounts, the tax treatment of alimony and child support, and
  ensure parties are making beneficial choices without being driven by emotion or uninformed
  decision-making.ii
• Long-term planning: Creating realistic goals and expectations – They can help guide parties
  toward creating realistic goals and expectations.
• Planning for financial outcomes – Similar to creating realistic goals and expectations, financial
  professionals can help to calculate the financial outcomes from different settlement proposals
  during the mediation, for example, how spousal support could impact one party versus the
  other, or how the division of property and assets may affect long-term wealth.

Friends and Family

Friends and family are wonderful support, but they, too, may be driven to help make decisions based on emotion, which could backfire on you financially. Let us help you. We are just a phone call or email away. The aim is to help give your new life a direction, to provide a picture of what post-divorce life may look
like, pragmatically.