Divorce

DIVORCE PLANNING

Divorce can be a lengthy process that puts a strain on your finances as well as your emotions. Separating or divorcing couples often face a major transformation in each of their financial circumstances, and you may feel a tremendous amount of uncertainty regarding your financial future as well as your children's. With the right preparation, however, you can protect your interests and take charge of your future financial well-being. As your life circumstances change, your financial plan needs to be flexible enough to weather these changes. At Milestone Planning Group, we can help you through this difficult time—focusing on the future and structuring your finances for what lies ahead.

Financial Services Include

·      Financial Education - Clearly define the financial implications of dividing marital assets, including understanding of debt, tax liability and/or penalties associated with transferring and liquidating marital assets.

·      Document Compiling and Organization - Compile financial documents needed to complete the
marital net worth statement, capture lifestyle expenditures and project future financial needs.

·      Divorce Settlement Analysis - Compare and contrast settlement options and the financial implications of each.

·      Post-Divorce Services - Provide long-term financial solutions and investment services during the financial transition of divorce.

Top Five Reasons for Hiring A Certified Divorce Financial Analyst
During the Divorce Process

1)     Financial analysis conducted early in the divorce process can save time. In the U.S., divorce can be a lengthy process.  In the beginning stages of the process, both parties spend a great deal of time trying to get a clear understanding of the financial aspects and terminology of the separation. A Certified Divorce Financial Analyst (CDFA) can explain all financial aspects of the pending decisions and help to empower their client to make educated decisions throughout the proceedings.

2)    A CDFA can help their client save money during the divorce process. By using a CDFA, you can have a clearer view of your financial future. Only then can you approach a legal settlement that fully addresses your financial needs and capabilities. A legal settlement that floats back and forth between attorneys, without the client having a clear understanding of all financial ramifications, can be detrimental, time consuming and expensive. A CDFA can educate their clients by providing a thorough knowledge and understanding of the often-complicated financial decisions.

3)    A CDFA can help their clients to avoid long-term financial pitfalls related to divorce agreements. - Working with a client and their attorney, a CDFA can forecast the long-term effects of the divorce settlement. This includes details of all tax liabilities and benefits. Developing a long-term forecast for their financial situation is far better than a short-term snapshot. Financial decisions must be made that not only take

care of immediate family needs, but retirement needs as well.

4)    A CDFA can assist their clients with developing detailed household budgets to help avoid post-divorce financial struggles. - A CDFA can help clients think through what the divorce will really cost in the long run and develop a realistic monthly budget during the financial analysis process. Expenses such as life insurance, health insurance and cost of living increases must be taken into consideration when agreeing on a final financial settlement.

5)    Using a CDFA can reduce the amount of apprehension & misunderstanding about the divorce process. - Misinformation and misconceptions about the divorce process can be detrimental. Many have false expectations that they will be able to secure a divorce settlement allowing them to continue with their accustomed style of living. Financial divorce analysis seek to ensure a good, stable economic future and prevent long-term regret with financial decisions made during the divorce process.