Divorce Planning

Gaining Financial Confidence Through A Divorce: How I Can Help

Our Divorce Planning Approach

Going through a divorce isn't easy-emotionally, mentally, or financially. I'm here to help ease some of that stress with personalized support to help you understand your financial picture and feel confident in your next steps. I will work through this process together, touching on the various topics/steps as needed. 

  • Pre-Divorce: I provide financial education, analysis, and guidance at each stage of the divorce process.
  • During Divorce: I will help you make educated decisions, offering you the best chance for a smooth financial transition.
  • Post-Divorce: I help you set-up and achieve your long-term financial goals. 

 

Topics Covered in Divorce Planning

My first step is an analysis of your financial situation. This is covered by a flat or hourly fee.

Pre-Divorce Financial Planning

Asset devision strategies

  • Valuation of assets: I will assist in accurately valuing your assets, including real estate, investments, businesses, and personal property, to ensure a fair and equitable division.
  • Negotiaton strategies: I will apply negotiation strategies to help you achieve an equitable outcome in the asset division process.
  • Tax implications: I'll help you understand and minimize the tax implications of asset division, ensuring that you make the informed decisions that protect your financial well-being.

Retirement Planning and Qualified Domestic Relations Orders (QDROs)
I'll assist with retirement planning and QDROs, ensuring a fair distribution. I help you understand the intricacies of Qualified Domestic Relations Orders (QDROs) and navigate the complex process of preparing and submitting them to retirement plan administrators.

Spousal and Child Support
I will help you understand the requirements of spousal and child support, offering strategies for negotiation and modification if needed. Navigating the complexities of these obligations can be challenging, but I'll help ensure the protection of your financial well-being and the best interests of your children.

Tax Planning and Strategies
I'll help you understand the tax implications of your divorce, ensuring compliance with relevant tax regulations, and assist in identifying potential tax-saving strategies. During and after the divorce process, I'll continue to work closely with you to minimize any adverse tax consequences, navigate complex tax issues related to asset division, and provide guidance as needed, ensuring a smoother transition into your post-divorce financial life.

During Divorce Financial Planning

Assessment of assets

  • A critical component of divorce financial planning is the thorough identification and valuation of assets. By accurately assessing the full range of assets accumulated during a marriage, I can help you and your spouse reach a fair and equitable distribution of assets in the divorce settlement
  • Ensuring fairness: Accurate asset valuation is crucial to guarantee that both parties receive an equitable share of the marital estate.
  • Minimizing disputes: Identifying and valuing assets can help reduce disagreements and facilitate a smoother divorce process.
  • Future planning: Understanding the value of assets enables me to create a comprehensive financial plan for your post-divorce life.

Determining the value of assets

  • Appraisals: Real estate, personal property, and business interests may require professional assessments to establish fair market value.
  • Account statements: Bank, investment, and retirement account statements can provide accurate valuations of financial assets.
  • Expert assistance: In some cases, I may consult specialized protessionals like business valuation experts, art appraisers, or actuarial analysts to determine the value of complex assets.

Tax implications of dividing assets

  • Identifying potential tax liabilities: I'll assess the tax implications of dividing certain assets, such as capital gains tax on the sale of investments or real estate.
  • Considering retirement account rules: I'll help you understand the tax implications of dividing retirement accounts-including using Qualified Domestic Relations Orders (QDROs)-to avoid penalties and taxes.
  • Structuring the settlement: I will support the financial aspects of the divorce settlement in a tax-efficient manner, helping to minimize the tax burden for both parties.

Post-Divorce Transition Support

Identifying personal and financial documents to update
To avoid financial complications, I ensure that your personal and beneficiary information are accurate across all accounts and documents. I must also review your estate planning documents, including wills, trusts, and powers of attorney, to confirm they reflect your new circumstances.

Separation of joint accounts
Separating joint accounts is crucial to achieving financial independence. To ensure a clean break from shared financial responsibilities, I help identify joint bank accounts that may need to be closed or divided and establish individual accounts for both parties. This process helps to evaluate how to divide assets by account while considering any outstanding debts or financial obligations.

Budgeting and financial goal setting
Establishing a realistic post-divorce budget allows me to assess your income and expenses, identify areas for cost-saving, and help you make necessary adjustments to accommodate your new financial reality. We can also work together to set short-term and long-term financial goals, empowering you to take control of your finances and enabling me to create strategic plans that align with your priorities.

Retirement planning
As you transition to a new phase in life, I will review and provide recommendations on how to adjust your retirement account contributions to ensure they align with your current financial situation and long-term goals, reassessing as needed

Insurance considerations
I will work closely with you to review and help you update your health, life, and disability insurance policies to ensure they provide adequate coverage that aligns with your new circumstances. I can help you build a comprehensive financial plan that safeguards your well-being and assets by thoroughly addressing insurance-related matters.

Investment and tax planning
I will work with you to rebalance your investment portfolio, considering your risk tolerance, financial goals, and any changes in your assets resulting from the divorce. I will also help you understand the tax implications of your new circumstances-including filing status changes-and guide you through the process to optimize your tax strategy.