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Divorce Financial Planning

Quick Guide to Divorce Financial Planning

Why Should I seek Divorce Financial Planning?

If you are involved in a divorce, you and your spouse may decide to reach a financial settlement outside of court.  However, most cases are brought to court because two spouses cannot agree upon the division of their property, support issues, and the division of debts.  If you cannot reach a financial settlement outside of court, you should seriously consider seeking Divorce Financial Planning.  

Do some professional specialize in Divorce Financial Planning?

A wide array of professionals specialize in divorce financial planning.  If you are not seeking self-representation and working with a family law attorney, your attorney will know a great amount of information regarding how you should protect or distribute your finances.  They can help you fill out a Financial Statement, an Affidavit for Property Distribution, and numerous forms concerning spousal support and/or child support.  

If you are seeking self-representation, you should still highly consider the services of a financial professional.  You should consider the services of a Certified Public Accountant, Certified Financial Analyst, or similar professional.  You want to make sure your finances are protected and split up evenly, and you also want to make sure you aren’t left with a majority of the joint marital debt.  

What other services can I receive for Divorce Financial Planning?

The right professional help can ensure you reach the best settlement possible.  You can receive help for the following financial issues:

• Determining equitable settlement 

• Keeping your home (even in a divorce AND bankruptcy settlement) 

• Spousal support and child support

• Reimbursement by separate property

• Reimbursement by community property

• Valuing a pension and protecting your pension 

• Determining tax consequences because of a divorce

• Determining a standard of living before and after a divorce

• Protecting your benefits, stock options, bonuses, and other executive compensation  

A professional can help you with other issues for divorce financial planning other than those listed above.  If you have any questions concerning what help you can receive, you should schedule a consultation with an appropriate financial advisor.  

How can I find help for Divorce Financial Planning?

There are a number of ways to find the right kind of help.  One of the best resources for finding help are your trusted peers and family.  Word of mouth referrals will often put you in touch with lawyers or other professionals that have helped the people you know obtain the results they were expecting.  You should know that every case is different, and you a professional can’t guarantee you the results compared to your family member or friend.  

Another valuable resource for locating the right kind of help includes the Association of Divorce Financial Planners.  This association is nationwide, and there are different chapters from state to state and region to region.  You may be able to find help in the following areas:

• California
• Connecticut
• Long Island
• Greater New York Metro
• Ohio
• Greater Philadelphia Area
• Tennessee 
• Greater Boston Area

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