Women In Transition
Over the past several decades, women have attained unprecedented levels of achievement, position, and influence. In fact, money and investing is the last – and perhaps the most important – frontier to conquer.
We serve female professionals, executives and heads of households by evaluating needs and goals within the context of their solo financial responsibilities.
In planning your financial future, we also consider the current, relevant growth and strategic practices most often selected by women in financial decision-making roles.
Planning for the future is an essential part of every divorce settlement. Separating or divorcing couples often face a major transformation in each of their financial circumstances. In this period of transition, financial uncertainty becomes a cornerstone of tension and anxiety.
A Divorce Financial Planner is an excellent resource for divorcing couples when they choose to go their separate ways. Financial Planners traditionally worked with individuals after divorce, helping them build new lives and plan for their future.
Watch "Why You Need a Financial Expert on Your Divorce Team"
How We Help
Review Current Situation
- Compile, Organize, and Value Assets
- Analyze Liabilities
- Estimate Immediate Needs
- Prepare Statements of Net Worth
- Develop Realistic Budgets
- Evaluate Corporate Benefits
- Determine Pension Present Value
- Discern Marital From Personal Property
- Discuss and Prioritize Goals
- Estimate Career Training Cost and Time Horizon
- Estimate Future Earning Potentials
- Estimate College and Educational Costs
- Compare After-Tax Asset Sales
- Project Retirement Needs
- Analyze Insurance Needs
Property Settlement Analysis
- Look at After-Tax Proposed Settlements
- Estimate Maintenance Needs
- Analyze Long-Term Cash Flow and Net Worth
- Compare and Contrast Settlement Proposals
- Develop Alternate Settlement Proposals
- Division of Property
Often, the financial data on which settlements are based is unreliable. This leads to future problems for one or both parties. Accurate financial information helps the parties achieve workable settlements more quickly and accept realistic lifestyle changes when necessary.
When using a Divorce Financial Planner, settlements achieved are much less prone to problem or error. By being uniquely qualified to make long-term financial projections, Divorce Financial Planners integrate the methodology of financial planning directly into the divorce process.
Since settlements are in large part financial, Divorce Financial Planners can explain options, help set priorities, and lead clients through the challenging choices ahead.
How Clients Benefit
- Establish control over the divorce process
- Gain a clear understanding of the current financial picture
- Gain a clear understanding of the future financial picture
- Focus on reaching a fair and workable settlement
- Effectively negotiate
- Ensure a faster resolution of all financial matters, equitably, for both spouses
- Minimize taxes and expenses
- Maximize marital assets
- Oversee Asset Transfers
- Set Up Budgeting and Money Management Systems
- Manage Investments
- Monitor Results
- Update Plans
- Ensure a fair Financial Settlement
Pre-Marital Money Talk
Don’t fool yourself into thinking you can change another’s basic money personality. Mostly it’s ingrained from the way we’re raised. But you can certainly understand each other and come to terms before it becomes a sore spot in your marriage.
Money disagreements in a marriage can be nasty and destructive, but they can be substantially avoided by discussing your facts and feelings about money before you tie the knot. You’ve got to understand each other’s “money hangups,” spending habits, financial situation and each other’s expectations. Here are some serious questions to agree on… or not:
- What, if any, are your financial assets going into this marriage? Do you feel you can be open about this? If not, why not?
- Will you have a pre-nuptial agreement? If yes, to protect whom and/or what?
- Are you willing to put everything in joint names? Or do you want to maintain your assets separately? Will you maintain separate checking accounts? Savings accounts? Whit is that money for?
- How much income do you each have? From your job? From other sources?
- Do either of you have any debts? What are they? Who will be responsible for them after you marry?
- Who will handle the checkbook and household bills? What money goes into this house account? I.E., paychecks, interest and dividends; alimony or child support checks; gifts; any miscellaneous income.
- What about credit cards? Will you share one? What charges go on that? Will you each have your own? What charges would go on those?
- Who will pay for your clothes? Your car insurance? Trips? Entertainment? Gifts – for both your families? For your friends? Who pay for home furnishings? Your next car?
- Will you both have freedom to spend as you wish or will you have to answer to each other? All the time?
- If there’s only one wage earner, will the non-earning spouse receive an allowance? Free access to the checkbook? Does the earned income belong equally to you both? Or does the wage earner have control?
- Have you talked about new wills? Trusts? Will you change beneficiaries for you IRA’s and pensions? To each other?
- What about life insurance? Are you planning to protect each other?
- Who’s going to make the investment decisions? What if you don’t agree with each other? Will you invest anyway?
Who’s going to own the marital residence? If not joint ownership, is there any protection for the ‘non-owning’ spouse in case of death? Divorce? Bringing children into the marriage? Watch out! This subject needs to be well-aired – and be honest. When maternal and parental instincts are involved, sensibility can go out the window during a conflict!
- If there’s child support, what is it to be used for? Does it get thrown into the “pot”?
- What do you see as your financial responsibility towards your fiancées children? Does your fiancé understand your financial responsibility to your own children?
- If both have children – and one “set” is more affluent, will you need to play catch up?
- Will you be comfortable with your spouse spending on his (her) children and not on yours?
- Who pays for the children’s clothes? School? Camp? Vacations? Insurance? Dentist? Etc.?
- What about college? Who’s going to pay for those expenses? Will money be saved along the way for this? From what income?
You will need an attorney to handle the legal issues and documents regarding your divorce but a financial planner can play an important rule in the property settlement process.
What To Bring With You?