About Divorce Money Solutions: Rock Solid Support
Divorce – what does it mean? Two people don’t want to be married to each other any longer. Sounds pretty simple, but it isn’t. Emotions, fears, and insecurities run wild at a time when calm, clear thinking is necessary to make those critical divorce decisions – the ones that will set your financial course for years to come.
Think About the Questions
Divorce comes with many money questions that need answering before you agree to a marital settlement. Here are a few typical divorce money questions worth thinking about:
- Will there be enough money for me and the kids?
- How long will the divorce proceeds last?
- Will I have to change my lifestyle?
- Will I have enough money without getting a job?
- What happens if I need a job to make ends meet?
- I am unskilled; will I be able to get training?
- Will I still have insurance?
- Who pays for our kids college?
See our Things to Consider Checklist – This poses important questions that you and your spouse will need to consider and eventually answer. Our Must Have List will assist you in establishing priorities for “must have items”. Think about “why” you must have them. Is the item a family heirloom your parents gave you, or perhaps just something you don’t want your spouse to have? Thinking about dividing things ahead of the actual negotiations will better prepare you to make compromises and/or decisions. This will also allow time for you to discuss the pros and cons ahead of time with your Certified Divorce Financial Analyst® . This is especially important for major decisions such as keeping the family home. Keeping the family home is not always a good idea. By completing these checklists, you and your spouse may have reached enough agreement to begin completing the Who Keeps What List – a downloadable list where you can specify what items go to which spouse. This list can be on a room-by-room or whole house basis.
Finding the Answers
Divorce Money Solutions knows that each case is unique, and there are no easy “one size fits all” solutions. Many questions will be raised that require answers. At Divorce Money Solutions, our promise to you is that the financial information you provide to us will be thoroughly reviewed and analyzed. After careful planning and consideration, our CDFA™ will propose settlement options that are workable and financially sound. The options will be based on those best suited to your specific situation. Pros and cons of each option will be discussed along with “what if” scenarios. At the end of the process, you the client will be prepared to make informed decisions about your financial divorce settlement and your future.
Once you have reached a tentative Marital Settlement Agreement, we suggest you download the “Evaluate your Divorce Agreement” questionnaire. This will start you thinking about what you like and don’t like about the agreement. Insure that the marital settlement agreement addresses not only the current needs, but more importantly your long-term needs. If it does not, identify the parts that don’t work for you then go back to your Certified Divorce Financial Analyst® to discuss. Ask about possible alternatives before returning to the negotiating table.
CAUTION: DO NOT SIGN THE AGREEMENT IN HASTE just to have that part of the divorce over. Once you both sign the marital settlement agreement and it is filed with the court, it will be difficult and expensive to change.
Dr. Judith Gerhart, CFP®, CDFA™ is Divorce Money Solutions resident divorce financial expert. She is a Certified Financial Planner (CFP), and a Certified Divorce Financial Analyst®. Her training and experience bring calmness and clarity to the settlement decision making process. When the time comes to negotiate the division of marital property, our clients are prepared to enter into the discussion with an understanding of their financial options and implications of those options. It is amazing how having this knowledge can empower an individual. Dr. Gerhart and her staff are there to educate and positively support our clients throughout the divorce process.