Divorce Support

Stepping into divorce can be scary and quickly overwhelming. A huge mistake that can be made early in the process is not hiring the right team or not hiring a team at all. Your divorce team can be as simple or as complex as you need it to be. So, who are the various professionals you can hire to support you through this time? 

·       Certified Divorce Financial Analyst®

·       Mediator

·       Family Law Attorney

·       Estate/Elder Law Attorney – in certain types of cases

·       Therapist/Counselor

·       Divorce or Life Coach

There are other professionals that could come into play throughout a divorce, like a mortgage lender or real estate agent. How do you decide the right path and right individuals to hire? There are a couple things to keep in mind.

1.    Do your research and/or get referrals

The average divorce process can go on for a year. You want to be sure that the professionals you choose are focused on your best interest, have the same goal in mind and you actually like them! For example, if you and your spouse are cooperative you may find a private mediator is a good option for both of you. In that case you wouldn’t want to hire an attorney that seems to encourage litigation.

2.    If you aren’t sure ASK someone

Once a divorce is finalized it is, for the most part, final and cannot be undone. If you are in negotiations and feeling fearful or unsure then ask for help. Seek out a Certified Divorce Financial Analyst® to help you understand your financial picture, what various settlement options will mean for your future and what financial mistakes to avoid. Be cautious to throw in the towel to come to a settlement. You may seek out a Certified Divorce Coach to help you work through each step of the process. Divorce DOES NOT have to be a long drawn out battle with your spouse. There are alternative options that promote a more peaceful process. Consider your situation and how you want the process to look then seek out the professionals that are in line with your wishes.

Gathering financial information for your divorce can be confusing if you aren’t quite sure what you have and what it all means. Once you know you’re moving down the path of divorce, you want to start collecting every piece of financial information you can get your hands on.  There are several different types of investment accounts; you have Individual accounts, joint accounts, IRA’s, 401ks, pensions, annuities, and the list goes on and on. After tax accounts are normally the easiest to split and will often offer the easiest liquidity, or accessibility, with minimal tax repercussions. Retirement accounts can be a little trickier. Employer plans, like a 401k, will typically require a Qualified Domestic Relations Order, or QDRO, that must be filed with the plan administrator and courts before the account can be split. This process can take some time and carry an additional cost. Annuities, pensions and other alternative investments are quite complex, they must be individually researched to determine how and if they can be split. They also require special attention to determine their true value and know that the value on the statement is likely not the true value. We’re just beginning to scratch the surface of the types of financial questions you may face throughout your divorce, that’s why it is imperative that you add a Certified Divorce Financial Analyst® to your team.  A CDFA® will guide you through the financial intricacies of your divorce by providing clarity and settlement solutions to get you to your best financial result.

Remember, when it comes to divorce, you only have one chance to get it right. Please connect with me today to get your individual questions answered.