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Financial Planning
Recent Article List
Expanding the Financial Professional’s Role in Divorce Cases by Rochelle Forster, CFP, CDFA & Craig A. Hyldahl, CFP, CDFA
Whether acting as a neutral or an advocate, a qualified CFP(Certified Financial Planner) practitioner can provide invaluable assistance with such issues as budgeting, asset allocation, alimony/child support scenarios and equitable distribution projections.
Divorce and Estate Planning by Debra Fournier, CFP, CDFA
If you expect to receive alimony and child support from your spouse, you may want to require (in the separation agreement) that your spouse buy a life insurance policy (or keep the existing one in force), naming you as the beneficiary. The policy should be in an amount sufficient to cover the sum of support obligations and property distribution payments contemplated. You could even be named as the owner of the policy insuring your spouse’s life.
Top Five Reasons for Hiring A Certified Divorce Financial Analyst During the Divorce Process by Rochelle Forster, CFP, CDFA & Craig A. Hyldahl, CFP, CDFA
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.
Health Insurance and Divorce by Randi M. Albert, JD and Michelle Weinberg, LMFT
Insurance companies are able to provide insurance to an employee and his/her family members. An ex-spouse is no longer a family member and eligible for coverage. If you are in the process of getting a divorce then you need to plan for how you will have health insurance once your divorce is finalized.
Who Gets the Kids if I Die? by Randi M. Albert, JD and Michelle Weinberg, LMFT
There are many reasons you should get a will, but once you become a parent you should really get a will. This will allow you to have some say about what would happen to your kids if both parents die, specifically who would become guardians of your kids.
Divorce and Retirement by Randi M. Albert, JD and Michelle Weinberg, LMFT
Divorce mediators always have to consider a couple’s retirement assets like pensions, IRAs and 401ks, when helping couples draft a divorce agreement. When older couples get divorced, the importance of retirement assets increases.
Watch Out for the Emotional "Ties That Bind" by Rochelle Forster, CFP, CDFA & Craig A. Hyldahl, CFP, CDFA
In my role as a Financial Professional who holds the CDFA, (Certified Divorce Financial Analyst) designation, I have witnessed the good, bad and ugly when it comes to the impact of unchecked emotions may have in the divorce process.
“Ready, Aim, Fire” is a lot more effective than “Ready, Fire, Aim”, wouldn’t you agree? So preparing for your divorce is not only smart, it is crucial. Decisions you make now or in the heat of the moment, can affect the rest of your life, and in many cases, the lives of your children.
Have you ever been told that you are worth your weight in gold? Well, in a divorce, you are only worth what you can equitably distribute and it all comes down to dollars and cents. One of the hardest things to do is to determine your net worth status as a couple when it comes to a divorce, yet it will give you an idea of where you will end up when the ink is dried.
“It’s not how much you make, it’s how wisely you spend your money...” Whether you are going through a divorce or not, it is good practice to have a working cash flow spreadsheet in hand to have a more accurate grasp on where your money is going.
Ask anyone who has gone through the college acceptance period of their life... having the option to choose which college they were going to attend was always a luxury to strive for. The same holds true when settling on an equitable distribution in a divorce.
I’m newly divorced or widowed, now what? by Wealth Preservation Solutions for Women
Getting divorced or becoming a widow can leave you with the unfamiliar responsibility of managing your finances. The period of time following a major life change can be difficult, confusing and overwhelming. Don’t rush into making any major decisions, such as selling the house or changing your investment strategy.
Divorce and Obamacare by Randi M. Albert, JD and Michelle Weinberg, LMFT
Keeping health insurance coverage can often be a primary reason why couples choose NOT to get divorced. One spouse does not want to leave the other spouse high and dry with no insurance coverage, especially if the spouse has a pre-existing condition. What does the Affordable Care Act, aka Obamacare, mean for you and your health insurance if you are considering divorce?
Unfortunately, one of the most overlooked aspects of a divorce is the financial impact that a divorce settlement agreement will have on the litigants’ future subsequent to the finalization of the divorce process. Without question, the divorce process is a very emotional and trying experience.
Beneficiaries by Randi M. Albert, JD and Michelle Weinberg, LMFT
Most divorcing people actually agree on most issues, but it is best to use some professional help to develop your divorce agreement. A professional divorce mediator can ensure that you are covering the many issues in an efficient and cost-effective manner.
Fiscal Fitness - In Transition by Debra Fournier, CFP®, CDFA™
As I write this article most of us are in the process of preparing to file our tax returns. It is also Women’s History Month. As many of you know, I am a big advocate for financial education, particularly for young women.
Fiscal Fitness - Don’t Make These Mistakes by Debra Fournier, CFP®, CDFA™
Welcome to the latest edition of Fiscal Fitness! It’s tax time as I write this. As usual, this is the time of year I come across many "avoidable" financial planning mistakes.
Does Keeping the House in Divorce Make Sense? by Joseph Dillon, Divorce Mediator
If you bought your house in 2006, 2007 or even 2008, you may not have a choice in this matter as the value of your home may be worth less than you paid for it and that’s another article for another day. But if you bought your house prior to the bubble, and there is some equity in it, first of all, congratulations and second of all, what do you do with it?
Taxes and Divorce by Joseph Dillon, Divorce Mediator
Ah April 15th. Tax Day here in the United States. This year we actually get a break as the 15th turns out to be a Sunday but alas, the tax man cometh and there’s not much we can do. But what about taxes and divorce?
Fiscal Fitness - Planning for the Unexpected by Debra Fournier, CFP®, CDFA™
Welcome to the latest edition of Fiscal Fitness! As we head into 2012, I reflect on the things that took place in 2011 and think, would things have been different had we done better planning?
Fiscal Fitness - What are you waiting for? by Debra Fournier, CFP®, CDFA™
Are you on the verge of retirement or about to make a major life change that will affect your financial future? To my surprise, most people wait until a major life event to occur before meeting with a professional to address their estate or retirement planning needs.
Fiscal Fitness - On the Brink by Debra Fournier, CFP®, CDFA™
Whether you are about to retire, receive a large inheritance or waiting for the ink to dry on a divorce settlement, all the planning you have done over the years is about to change.
3 Tips for Managing Debt During Divorce Mediation by Joseph Dillon, Divorce Mediator
One of the four topics we cover in mediation is that of equitable distribution or as its formally known: the equitable distribution of marital assets and liabilities. And while most of the clients enjoy the division of assets, when it comes to diving the debts, thats an entirely different story.
College Saving Plans and Divorce by Theodore Sliwinski, Esq.
A 529 plan is simply a tax deferred college savings plan. The number 529 refers to the section of the IRS code that has established college savings plans. A 529 plan is a tax-free account that can be established up for the benefit of a child. When the time comes for the child to start attending college, then the money from the plan can be withdrawn.
Untying the Knot Part II - Digging a Little Deeper by Debra Fournier, CFP®, CDFA™
Mental health professionals I have spoken to say that divorcing a spouse can sometimes be more emotional than losing a spouse to death. Emotions often cloud your decision making which can lead to poor choices when it comes to finances. Making changes to a property settlement agreement is almost impossible. There must be hard proof based on fraud, deceit or a major mistake. In other words, get it right the first time.
Divorce is not easy. Just ask anyone who has been through it. Besides the emotional aspect, the financial impact can be devastating for both sides. How can you financially survive? Having a good understanding of your assets and educating yourself before agreeing to any type of settlement will pay off down the road.
The credit card companies are not interested in how assets, homes, and the bills are divided during a divorce case. Credit card companies have only one objective and that is to be paid! If you have debt in joint credit card debt with your spouse, then you are both legally responsible for paying it back.
Don’t File Your Divorce as an Airhead by Theodore Sliwinski, Esq.
If you are considering filing for divorce, then you better be fully knowledgeable of your family’s financial picture. In these very hard economic times, when all of Americas jobs have been shipped to China, it is critically important not to start a divorce with your head in the sand! In short, you cant file your divorce if you are an airhead about your family’s finances!
Know "Your Numbers" When Considering Divorce by Michele S. Babakian, MBA, CRPC, FPS
What’s so important about a number? We’re surrounded by irrelevant numbers every day, but your number is different. Your number is important; it’s the amount of money you’ll need to maintain your lifestyle once you’re divorced.
Divorce Planning in New Jersey by Ann O’Flanagan, Esq.
Divorce Planning is when a spouse plans for divorce months and in some cases years in advance. This spouse will usually talk to a lawyer and get instructions on how to minimize earnings for a significant period of time prior to filing for divorce to avoid or at least reduce child support and alimony obligations.
Filing Joint Tax Returns by Theodore Sliwinski, Esq.
I am in the midst of a nasty divorce with my husband. My husband is a self-employed builder and I am very hesitant in filing another joint tax return with him this tax year. However, he is insisting that I do so because he will save $10,000 on his taxes. Am I legally obligated to file a joint tax return with my husband now that we are legally separated?
Credit Cards and New Jersey Divorce by Theodore Sliwinski, Esq.
There are two types of credit accounts: individual and joint. You can permit authorized persons to use the account with either. When you apply for credit—whether a charge card or a mortgage loan—you’ll be asked to select one type.
Check Your Credit by Anju D. Jessani, Mediator
One inexpensive task I recommend that all divorcing couples do early in the divorce process is to check their credit reports to ensure that there are no surprise debts or credit lines.
On August 5, 1997, President Clinton signed the Taxpayer Relief Act of 1997 into law. We suggest that you don’t make any major financial decisions before reading this article and following-up on the particular areas that might impact you. The scope of the legislation encompasses measures ranging from a child care tax credit for low and moderate-income families to new tobacco taxes.
Don’t despair! There have been a number of changes that you should know about because they could result in more dollars in your pockets, or a smaller check to Uncle Sam on April 15, 2000.

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In order for permanent alimony to be awarded in New Jersey, the marriage must have lasted at least 10 years and one spouse must have become economically dependent on the other. This type of alimony allows the obligee to maintain the lifestyle to which he or she has become accustomed for the duration of the obligor's lifetime (unless the obligee remarries).

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