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Divorce and Finances
Each year about 3 million people, nearly half of all marriages, experience the emotional and financial trauma of divorce. For most, the financial ramifications of a divorce are challenging.
Many individuals will find themselves in a new position of complete responsibility to manage their financial affairs. I take pride in helping others discover a new sense of freedom and control through successful planning and management of their personal finances. But before we can reach that goal, we will first help you through your actual divorce.
The Divorce Process
An important part of the divorce process, completing financial profiles can be stressful because the feelings of those who aren't accounting oriented. Also facing ones new, single income is never pleasant.
An excellent financial advisor looks objectively at various alternatives and will provide you with a fresh perspective giving direction where it may otherwise be unclear. You will benefit from hiring a professional with an expertise in divorce financial planning. Ned P. Totah, Jr., a Certified Divorce Financial Analyst, has the specialized knowledge, experience and training to offer sound advice.
An important issue in divorce is determining the amount of maintenance and/or support needed to manage your household and care for any children of the marriage. You may need help in calculating your independent income and expense figures required to maintain the standard of living you and your children experienced during the marriage.
Another complex issue in divorce is resolution of tax-related matters surrounding settlements, asset transfers and liquidity events. The desire to put the divorce behind them as quickly as possible frequently leads people to make quick decisions, further clouded by emotion, regarding asset distribution.
Many times assets' true values are misinterpreted. Items such as capital gains, employee benefits, and the present value of pensions must be considered to ensure an accurate, equitable settlement. Looking at assets objectively (not emotionally) is terribly important. As an example, while keeping the family house in a divorce is a natural and strong desire, it may later result in a huge and unexpeced negative tax impact.
Decisions made in the divorce process have long lasting impact. The importance of the decisions are magnified if children are involved. I analyze and explain options affecting alimony and child support, property allocation and income.
Putting together the right team to help you through the emotional and financial conflicts is an important early step in the divorce process. Your team should consist of a Certified Divorce Financial Analyst working together with your legal counsel and evaluate the long and short-term impact of proposed divorce settlements in an effort to achieve a financially equitable outcome.
What is a Certified Divorce Financial Analyst?
A Certified Divorce Financial Analyst (CDFA) has received specialized training in the issues of divorce and is trained to help people with the financial aspects of divorce including income, expenses, assets, tax issues, pensions, and division of property. CDFAs educate clients on the financial details and ramifications of divorce and empower them to make educated decisions about their future. The goal is to arrive at an equitable settlement that meets the personal needs of the family.
With detailed spreadsheets and graphs, CDFAs look at cash flow and net worth projections of different settlement proposals. A CDFA can forecast the short and long-term effects of different scenarios and address the financial needs and capabilities of both parties. By providing the financial expertise in the pre-settlement phase, CDFAs are often able to save time and money by providing a clear view of the financial future for both parties.
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