Financial Planning
The financial ramifications of a divorce can be devastating. But with proper planning and expert help from professionals specializing in financially equitable divorce settlements, you can increase your chances of arriving at a settlement that fully addresses your long-term financial needs -- and your spouse's too.
What's missing in most divorce processes is financial expertise. A qualified financial planner or Certified Divorce Planner can forecast the long-term effects of the settlement.
By using a Certified Divorce Planner, both partners have a clearer view of their financial futures. Only then can they approach a settlement that fully addresses the financial needs and capabilities of each.
What you need to know:
- About Divorce Financial Planning: 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.
- How Divorce Financial Planning Helps: Planning for your future as well as your children's is an essential part of every divorce settlement. Establishing a team to help you through this difficult period is paramount to your well-being.
- The Value of a Divorce Financial Planner: A Divorce Financial Planner is a valuable resource when contemplating a divorce, while the divorce is in progress, and after a divorce.
- The Most Important Steps in Securing Your Financial Future: Divorce is wrought with extreme emotional and financial turbulence. Histories that bound families, friends and home life are disrupted. Standards of living are often changed, not just for spouses but for the children as well.
- Divorce Planning Case Scenario: This sample case illustrates the value of financial planning as a means of reaching more equitable divorce settlements. If the court's intent is to treat both parties in a divorce as equitably as possible, it is essential to analyze the marriage as if it were a financial contract, with tangible investment into it by both parties.
Financial Mistakes in Divorce Settlemnets:
- Ignorance in Divorce Makes Financial Victims: In the midst of a divorce, errors of commission and errors of omission are easy to make. A divorce settlement is a business negotiation where both kinds of error can have long-term consequences.
- Avoiding Divorce Mediation to Win Your Divorce: When couples can be civil, a mediator can save them thousands of dollars in legal fees as well as emotional wear and tear. The mediator meets with the divorcing couple and helps them hammer out an accord that becomes the settlement of their divorce.
- The Effects of Taxes and Inflation in Divorce: A divorce financial planner or tax accountant can reduce the total taxes a spouse pays during separation and after divorce.
- Remembering Social Security Benefits in Divorce Settlements: The wife, who is often the non-working or lower-earning spouse (often a “stay-at-home” mother), goes into a divorce at a disadvantage because she has a short work history.
- Having an Accurate Divorce Budget: Many people who never lived on a budget before the divorce find making a budget very difficult. Making a budget means cataloging all expenses and all income.
- Hiring a Gladiator Divorce Lawyer to Make War on a Spouse: One of the most egregious errors of commission is hiring an attack lawyer -- the gladiator.
- Being Emotionally Attached to Assets in a Divorce: The family home, pension, a painting purchased together during the happier time of the now failed marriage - these assets often trigger emotional arguments when spouses carve up the marital pie in a divorce.
- A Divorce Lawyer is not Cleric or a Therapist: Divorce lawyers charge by the hour, and most bill clients for fractions of hour in a telephone conversation.
- Look Into the Future When Negotiating Your Divorce: A divorce settlement lasts indefinitely, and it can have an impact on the former spouses for the rest of their lives. Obviously, making two households where there was one leaves less for both parties, which requires a change in thinking.
Useful Online Tools
- DivorceDeskTM - Build and manage vital divorce documents and letters online for free!
Financial Hardship - Mortgage
Suggested Reading
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Divorce & Money: How to Make the Best Financial Decisions This book is a practical guide to evaluating assets during divorce. It explains how to determine the real value of marital property including houses, businesses, retirement plans and investments and how to negotiate a settlement that is fair to both sides. Authors: Violet Woodhouse & Dale Fetherling
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Related Article Archives
 Financial Planning & Divorce Property & Debt Division Property Valuations Premarital Agreements Tax Aspects All Article Archives |
Resources & Tools
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