Like other happy brides
throughout the ages, on the day you exchanged your wedding vows you hoped that
your marriage would be everything you imagined. Love, happiness, and a castle
in the clouds. Or at least a split-level on a cul-de-sac. Unfortunately, your
feelings changed. Today, you are facing divorce. The old adage that "marriage
is about love and divorce is about money" now has a serious new reality.
The process of divorce
can be very stressful. You may wish to give yourself an emotional boost by
throwing a divorce reception complete with cake and champagne. Go ahead--but
make sure that you confront the difficult financial challenges that face every
divorcing diva. Divorce is a challenge that demands significant financial
decisions. You and your spouse may have complex joint assets. You may have
children, and you are concerned about their financial security as well as your
own. Your spouse may have retained a high-powered legal team. Tax and property
division issues can seem overwhelming.
Too often, financially
savvy divas make mistakes regarding their divorce settlement. They come out on
the short end of the stick because they are at one of the most emotionally challenging times
in their lives and they have no specific understanding of the financial aspects
of divorce. Make a mistake, and you could be paying for it for years.
Your soon-to-be-ex may
have a highly qualified attorney and financial advisor. You deserve the very
best financial advice to ensure that you receive an equitable settlement. You
need to emerge from your divorce with a financial plan for the future.
What’s the solution? You
may need to retain a professional divorce financial planner who works with your
attorney to help you take control of your financial life. Financial decisions
often require the intelligence, insight, and experience of a career financial
professional who has divorce analyst training.
What can a specialized
divorce financial planner do?
• Identify YOUR assets.
You may not know what you’ve got! The house, the car, the bank accounts--are
they in his name, your name, or both?
• Identify HIS assets.
Even if your divorce is amicable, and even if you have a pre-nup, once the
process starts it’s “every man for himself”--literally. Don’t assume that your
mild-mannered soon-to-be-ex is disclosing everything. Your financial planner
will be able to do the detective work necessary to ensure that all of the cash
and stocks and other assets he’s got squirreled away are brought to light.
• Analyze and determine
your needs. You need to be able to get on with your life, and if there are
children involved, they must be provided for.
• Prepare a budget. As
you get closer to a settlement and you have a clearer picture of your financial
future, you will need a sensible budget as a framework for moving forward.
With the proper
financial education and planning, you will be equipped to make comprehensive
and appropriate decisions.
How do you find a financial planner who specializes in divorce?
The Institute for Divorce Financial Analysts (IDFA) is a national organization
dedicated to the certification, education and promotion of the use of financial
professionals in the divorce arena. Financial planners apply for certification
as Certified Divorce Financial Analysts. Check them out online… and save
the divorce party until after you’ve taken care of business! You’ll be glad you
did.
User Comments
blog comments powered by Disqus