Barbara Norman CFP®, ChFC®, CDFA® is Certified Divorce Financial Analyst and helps divorcing families to understand the ramifications of their decisions and she helps them take the steps to begin a new life.
Divorce is a frightening and emotional event. As a couple thinks about separating a family and assets it’s important that both parties understand the options. A financial divorce plan will show side-by-side comparisons that illustrate what is fair and what a new life will look like for both parties. It’s not about tearing each other apart; it’s a conscious decision to do the right thing.
Often times we see divorce decrees that command a separation of assets, only to find that the institution or the employer who holds the assets may not be able to comply with the decree. We also see lopsided divisions that cause a higher tax burden for one party or the other. These can send a the couple back to their attorneys and court. A Certified Divorce Financial Analyst can analyze your assets, the taxes, and help you to better understand how assets should be separated.
Many questions come up: can I keep the house? Can I afford to help my children with college? Will I be able to comfortably retire? A financial plan will help you to prioritize your goals and it will show you if / or how you may be able to meet your obligations. Ideally, this should be done before you divorce so that you can head to the bargaining table understanding your needs.