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Divorce Financial Planning

What is a divorce financial planning?

Divorce represents a significant life change, one where avoiding major financial missteps is crucial. Therefore, having a team of divorce professionals by your side can provide invaluable support, equipping you with knowledge and the right mindset for navigating this challenging transition. Through divorce financial planning, you’ll address essential questions to avoid costly errors and ensure your financial well-being during and after divorce.

Divorce financial planning extends beyond the divorce process itself; it encompasses preparing for your financial future post-divorce. Often, individuals realize the importance of this planning after their divorce is finalized. While the legal aspects may have been addressed, the financial implications are often overlooked. This oversight can lead to unexpected challenges as you embark on a new chapter.

By working with a certified divorce financial analyst, you gain insights tailored to your specific needs and goals, ensuring informed decisions for your new financial journey. Divorce financial planning encompasses retirement planning and other key aspects to safeguard your financial stability post-divorce. With this proactive approach, you can navigate the transition with greater ease and confidence, prepared for the opportunities and challenges ahead.

Are you going through a divorce?

We are Certified Divorce Financial Analyst (CDFA®), specialized in divorce financial planning. Divorce is a significant life event that can feel incredibly overwhelming. However, you don’t have to face it alone as our team is dedicated to guiding you towards making informed and strategic financial decisions during this challenging time. Experienced divorce professionals are here to support you every step of the way.

Divorce Finance FAQs: Answers to Your Financial Questions

Some of the questions we can help you answer as a certified divorce financial analyst:

Q: Can I afford to keep the house?

This shouldn’t stand alone as a question. Deciding whether to keep the house during a divorce can be highly emotional. However, consulting a divorce financial planner allows for a comprehensive assessment of the entire financial situation. They can determine if keeping the house for the long term is feasible and if it makes financial sense compared to receiving liquid cash equivalents. Whether the decision is to keep the house or not, it must align with financial affordability to maintain overall stability. Through thorough financial analysis, including cash flow, balance sheet, and retirement plan projections, we ensure that retaining the house is the right decision, especially if it’s essential for you and your children.

Q: While we are fairly amicable and working with mediators, I’m unsure if these scenarios I was given make financial sense for me.

When women undergo divorce, they often prioritize family and other relationship-driven factors over finances. Many feel compelled to hasten the divorce process, particularly regarding financial matters, as delving deeply into money discussions can be uncomfortable. However, this marks the beginning of your new financial journey. It’s essential to engage in discussions about your financial future with an impartial professional to fully comprehend the implications. Hiring a divorce financial professional for your specific circumstances, or for each party, is entirely reasonable. This ensures awareness of what you’re receiving and what lies ahead financially after the divorce.

Q: What will my retirement look like after divorce?

Your retirement outlook following divorce will change depending on whether you were the primary breadwinner or not. You will need to project a completely different retirement plan after divorce based on the decisions you make during the process. Transitioning from two incomes to one is a significant change, and expenses will likely exceed 50% of what you had before. It’s crucial to understand your new post-divorce budgets and retirement projections. Lifestyle adjustments may be necessary as you navigate these changes.

Therefore, you must understand how your divorce financial decisions can impact the financial future of your own. Be sure to thoroughly comprehend the various scenarios presented. As you negotiate, make sure you understand your priorities and financial goals.

Understand the CDFA® Difference

The CDFA ® (Certified Divorce Financial Analyst) designation requires rigorous training for financial professionals to be specialized in assisting individuals contemplating divorce, going through divorce, and post divorce. A CDFA ® is equipped to address the financial implications of divorce, including asset division, tax implications, alimony, child support, and financial planning post-divorce. Simply, they are divorce financial advisor. Their expertise helps individuals navigate the complex financial aspects of divorce to make informed decisions and pursue their financial independence post-divorce.

Navigating Post-Divorce Finances Alone?

No matter which stage of the divorce process you’re currently navigating, we’re here to provide assistance, clarity, and confidence every step of the way.

Feeling unsure about the questions to ask your divorce attorney regarding divorce finances? That’s where we come in. Certified Divorce Financial Analysts (CDFAs) can guide you through each stage of your divorce financial journey, assisting you in navigating your financial future and making informed decisions.

Reach out to us today to learn more.

If you want to learn more about a divorce financial advisor, check out our blog posts here. Check out our popular blog posts about divorce financial planning here.

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We’re here to help. It’s our mission to assist women in making informed decisions during this challenging life transition and to help them embark on a new financial journey. Don’t do divorce finances alone.

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