Divorce Financial Planning Process
We believe financial planning and analysis begins with an opportunity for us to sit down with you and have an open and honest discussion. During this meeting we aim to learn as much as we can about you and your divorce situation. We strive to understand who you are by asking questions about your values, goals, relationships, interests, assets/liabilities, and priorities. It is important to know about your situation because we want to build a settlement that is equitable and helps you achieve your short- and long-term goals and aspirations. Before we begin, we will provide you with a list of financial documents to bring. This will help you get organized and facilitate our discussion. Understanding your complete financial picture will allow us to determine if your case requires an in-depth analysis or high-level guidance. If your financial situation requires in-depth analysis, we will recommend our services and collaborate with your attorney as part of your divorce team. If you only require high-level guidance, we will be able provide direction during that session. It is important to understand there are various legal options when getting divorced (See the chart below) . Whether it is through mediation, Pro-Se (without an attorney), traditional (both sides have an attorney and go directly to litigation), or collaborative, we can be a support and provide valuable insight to any method.
After adding us to your team, we finish collecting all financial data and harness the information gathered. While considering the effects of inflation, after tax returns, and growth rates of different asset types, we craft settlement scenarios that support your priorities in the short- and long-term while still being equitable to both parties. We use software to find answers to difficult questions, keep you informed how various settlements can affect your priorities, and help you avoid the various financial pitfalls many divorcees face. There are many variables that can be changed when crafting a divorce settlement. We will meet with you and your attorney before going into negotiation to review the variables that require the most focus.
One of the most emotional and difficult periods of divorce is during negotiation(s). Bringing objective data into the negotiation room reduces emotions and makes negotiations easier; it provides for more transparency and helps both parties feel more at ease about their future. Although going to litigation can be useful when dealing with passionate parties, it is important to recognize that a case going to court is usually not in both parties’ best interest due to the costly nature of litigation. In addition, pertinent information is frequently lost in the court process and therefore is not considered when making a final judgment; this outcome commonly leads to a situation where all your priorities have not been fully considered in the settlement. We assist in the negotiation process by using visual software with charts and graphs to support all the pertinent facts and provide a clear picture of how both parties are affected in the short- and long-term. With the ability to analyze different settlement proposals on-the-spot, we provide a powerful and engaging medium for negotiations, which helps avoid litigation, while fully considering all your priorities.
After negotiations are complete, the task remains to divide the assets according to the divorce decree. If the assets are substantial, this task can be daunting because the language is new to people who are not used to dealing with investments, real estate, and other financial assets. We can help you divide your assets, but it is equally important to make good financial decisions after the assets are allocated. Our team prides ourselves on our ability to help clients become financially healthy. Besides the size of your wallet, there are other factors that make up one’s financial health; such as your estate plan, tax efficiency, proper debt management, adequate risk management, and having an investment process that is in-line with your short- and long-term goals.We will walk you through our financial planning process to help develop a plan that is financially attainable and emotionally fulfilling.
FINANCIAL PLANNING FOR TOMORROW
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