Divorce Financial Planning

In emotionally-draining times such as a divorce process, one may easily overlook the financial issues that come with it. You may think that being free is the only goal but you are wrong. You don’t just want freedom, you also want to be financially prepared to build a solid foundation on which you can kick start a new life. What is being free if you are worse off?

There are two qualified professionals that can help you untangle your financial worries in a divorce– Chartered Divorce Financial Analyst (CDFA) and Chartered Financial Divorce Specialist (CFDS).

What is a CDFA?

CDFAs are trained to answer questions about post-divorce concerns such as keeping your matrimonial home, support payments, being able to afford your new living situation, and most importantly, your children’s future. These are few of the many concerns people often fail to give ample consideration to.

What is a CFDS?

A CFDS has expertise in analyzing financial plan issues and determining the impact of the income and expense changes to  the financial goals of a family post-divorce. They ensure all financial aspects in a divorce are taken care of.

Before getting to the decision of separation, a nagging question for most people is how to afford to live alone, even more so when there are kids involved. Do I have enough to live? Can I provide for my kids enough? Do I even know what I should prepare for? Are there more debts? Can I be who I want to be?

In most cases, people undergoing a separation came from an already financially uncertain situation. If financial security is already a blur pre-divorce, is it even possible to think you have enough on your own?

These are the questions a Family Law Financial Professional can help you with. Here is how we can help you during your family law process.

Initial Flip My Family Session

Initial Flip My Family Session - $300+HST
Initial Flip My Family Session - $300 +HST
• Talk about divorce/separation and finances
• Reviewing your current financial situation
• Explain financial facts gathering/disclosure
• Review the different sections of a separation agreement
• Review different process options
• Connecting you with my team of specialists/professionals
• Create a plan of action for you
• Child Custody Handbook

Financial Projections Packages

Let me help you answer this question!

What will a financial decision made today look like tomorrow?

Individual Financial Disclosure
Individual Financial Disclosure
• Review of your current proposal
• Create financial planning assumptions
• Financial projection/Second Opinion on 2 scenarios
• Includes up to 4 other future considerations such as future income projections, future mortgage payments, future child care expenses, etc.
• 2 client meetings
Mediation / Collaborative Financial Disclosure
Mediation / Collaborative Financial Disclosure
• Review of your current proposal
• Create financial planning assumptions
• Financial projection/Second Opinion on 2 scenarios
• Includes up to 4 other future considerations such as future income projections, future mortgage payments, future child care expenses, etc.
• 2 client meetings
Court Financial Disclosure
Court Financial Disclosure
• Review of your current proposal
• Create financial planning assumptions
• Financial projection/Second Opinion on 2 scenarios
• Includes up to 4 other future considerations such as future income projections, future mortgage payments, future child care expenses, etc.
• 2 client meetings

What Now? – Life After Divorce

Post-Divorce Financial Plans

The settlement process alone is tough and stressful not only for the spouses but for the whole family. Unfortunately, it does not end there. Life after separation is another thing the whole family will have to transition into. It is such a life-changing event that causes shifts in the overall dynamics of the family, both mentally and financially.

Why Work With Us

Strong Financial Plan

If there’s one thing everyone can agree on in a divorce process, it’s the goal of achieving a stable financial future. There are many elements of a stable financial future that have to be carefully considered:

  • Support Obligations – Child and Spousal
  • Debt Obligations
  • Income Tax Issues
  • Tax Implications of Property Division
  • Interest and Fees
  • Lifestyle and Net Worth Impact from Divorce
  • Expenses incurred as a result of Divorce/Separation

Informed Decisions

As with any decision making process, making informed decisions involves identifying relevant factors and careful planning. When it comes to a divorce/separation, a financial professional can help you identify important information that you may feel is least important or is the last thing you want to worry about. When all relevant factors are identified, it can be used to assist lawyers and mediators in establishing an appropriate separation agreement for both parties.

A  financial professional can help you:

  • Provide insight into pension plans and other insurance investment options
  • Illustrate financial options with projections for a minimum of 15 years
  • Educate clients about the tax and financial consequences various settlement options
  • Educate clients on cash flow and debt management during this life changing event

Create Value

Some worth-to-take decisions today will hurt in the long term. One of the most important roles of a financial professional is to help you assess the financial impact of the divorce settlement options, both short-term and long-term. In this way, your future financial well-being is taken care of too.

Few of the many financial aspects that need consideration after separation include your cash flow, budgets and even any additional debt incurred from the settlement. We can help you assess and plan adjustments to your financial health post-divorce. Flip My Life offers the following:

Book A FREE Consultation Today!