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.
Podcast Episode
Navigating Divorce – The Financial Advisor’s Ultimate Guide with Sarah Balram
Flip My Divorce – Strategy Session
• 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?
• 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
• 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
• 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
Changes in life can be overwhelming. After a divorce or separation, many things are bound to change that will require ample getting used to. This includes a change in your financial situation. There may be certain income or expenses that come with a divorce or separation that would have not been an expense before and vice versa. Focus on rebuilding life financially after a divorce or separation.
Flip My Family
Flip My Family helps clients transition to a life with a shift in income and expenses. Our team will assist you each step towards your new chapter. Flip My Family has two financial plan options – basic or comprehensive.
The basic post-divorce financial plan integrates all 6 financial pillars and helps identify your immediate needs to get you and your family started on a new financial journey.
A comprehensive post-divorce financial plan not only identifies your immediate needs but also takes a deeper dive and analyzes how the 6 pillars integrate with each other and reviews possible what if scenarios.
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:
BLENDED FAMILIES – We Have A Plan For You Too!
Finding the right balance in the family’s finances already takes some work to do. Imagine how much more tricky and challenging it will be among blended families. There are a lot more factors at play– the mix of assets and debts, careers, varying financial habits, goals and vision, and not to mention, children from prior relationships. Our goal with the Flip Our Family financial plan is to find the right balance in all these, encourage open communication, and avoid past and future financial mistakes.
