Navigating the Divorce Process

If you’re dealing with the intricacies of a divorce, you might start to wonder: Do I really need a financial advisor if I’m already working with a divorce attorney? As you move through the divorce process, you will be required to make quite a few decisions regarding your future as a newly independent woman. You should think of your divorce as a financial transaction in which everything you own jointly and everything you owe jointly are to be divided between you and your spouse. It is the unwinding of both an emotional and financial partnership.

Planning for the future is an essential part of every divorce settlement. Separating or divorcing couples often face a major financial transformation. The bottom line is that two households must now survive on the same dollars formerly supporting one. Typically, if financial planning takes place at all, it’s after the divorce, when financial planners help individuals take stock of their finances and move forward. Working with us early in the process may help ensure you are making fully informed financial decisions and may also save you money and time during the divorce process.

Our role is to work with you to understand the long-term effects of various divorce settlement options, including tax liabilities and benefits. We also help you develop a detailed household budget to avoid post-divorce financial struggles, and to think through what your divorce will realistically cost in the long run.

Pre-divorce Financial Review

• compile, organize, and value Assets
• analyze liabilities
• estimate immediate needs
• prepare statements of net worth
• develop realistic budgets

Long-Term Planning

• Discuss and prioritize goals
• estimate career training cost and timeline
• estimate future earnings potentials
• estimate college and educational costs
• compare after-tax asset sales
• project retirement needs
• analyze insurance needs

Divorce Settlement Analysis

• review after-tax proposed settlements
• estimate maintenance needs
• analyze long-term cash flow and net worth
• compare and contrast settlement proposals
• develop alternate settlement proposals

Post-divorce Financial Management

• oversee asset transfers
• set up budgeting and money management systems
• manage investments
• monitor results
• update plans