Divorce

 
Our Divorce Planning Services

At Independent Financial Services we have a Certified Divorce Financial Analyst (CDFA™) on staff. Jeannie Holliday was awarded the CDFA™ designation by The Institute for Certified Divorce Financial Analysts (IDFA™) for successfully completing the training and test requirements set forth by the IDFA™. The IDFA™ is the premier national organization dedicated to the certification, education and promotion of the use of financial professionals in the divorce arena. Jeannie can scrutinize the financial concerns of your divorce and present you and your attorney with powerful information to support your case. We can explore such matters as:

  • Who should keep the house?
  • What are the financial implications of selling the house?
  • How can you best split your retirement assets?
  • How much alimony will be paid and for how long?
  • What about health care benefits?

Let us help you put everything into perspective during the divorce process.


Why Hire a Certified Divorce Financial Analyst™?

The financial ramifications of a divorce can be devastating. But with proper planning and expert help from professionals specializing in financially equitable divorce settlements, you can increase your chances of arriving at a settlement that fully addresses your long-term financial needs — and your spouse's too. What's missing in most divorce processes is financial expertise. A Certified Divorce Financial Analyst™ can forecast the long-term effects of the settlement. By using a Certified Divorce Financial Analyst™, both partners have a clearer view of their financial futures. Only then can they approach a settlement that fully addresses the financial needs and capabilities of each. A CDFA™ is trained and qualified to:

  • Serve as a financial expert on divorce cases
  • Present powerful data to back up an argument
  • Offer financially sound settlement options

Who do CDFA™’s help? CDFA™’s help clients determine the short term and long term financial impact of any proposed divorce settlement. They also provide valuable information on financial issues that are related to the divorce, such as tax consequences, dividing pension plans, continued health care coverage, stock option elections and much more. CDFA™’s also help attorneys by helping the client make financial sense of proposals. CDFA™’s give attorneys the tools they need to help prove their case.

Should a person hire a CDFA™ instead of an attorney? Definitely not! The IDFA™ highly recommends that any person getting a divorce seek legal counsel. The CDFA™’s role is to assist the attorney, not replace the attorney.

Do CDFA™’s help only men or only women? CDFA™’s are trained to advocate for men and women. The CDFA™simply interprets the numbers and helps the attorney build a strong case that’s in the client’s best interest.

Can CDFA™’s act as a neutral party to help a couple reach a settlement? Many CDFA™’s are also trained mediators and often times take a role in facilitative mediation and collaborative law. However, CDFA™’s are not attorneys and cannot give out legal advice. The IDFA™ always recommends that any person going through a divorce receive independent legal advice. 

Source: www.institutedfa.com


Top 5 Reasons for Hiring a Certified Divorce Financial Analyst™ During the Divorce Process


1. Financial analysis conducted early in the divorce process can save time. The average length of the U.S. divorce process is one year. In the beginning stages of the process, both parties spend a great deal of time trying to get a clear understanding of the financial aspects and terminology of the separation. A Certified Divorce Financial Analyst™ (CDFA™) can explain all financial aspects of the pending decisions and help empower the client to make educated decisions throughout the proceedings.

2. A CDFA™ can help their client save money during the divorce process. By using a CDFA™, you can have a clearer view of your financial future. Only then can you approach a legal settlement that fully addresses your financial needs and capabilities. A legal settlement that floats back and forth between attorneys, without the client having a clear understanding of all financial ramifications, can be detrimental, time consuming and expensive. CDFA™s can educate their clients by providing a thorough knowledge and understanding of the often-complicated financial decisions.

3. A CDFA™ can help their clients to avoid long-term financial pitfalls related to divorce agreements. Working with a client and his /her attorney, a CDFA™ can forecast the long-term effects of the divorce settlement. This includes details of all tax liabilities and benefits. Developing a long-term forecast for their financial situation is far better than a short-term snapshot. Financial decisions must be made that not only take care of immediate family needs, but retirement needs as well.

4. CDFA™'s can assist their clients with developing detailed household budgets to help avoid post-divorce financial struggles. A CDFA™ can help clients think through what the divorce will really cost in the long run and develop a realistic monthly budget during the financial analysis process. Expenses such as life insurance, health insurance and cost of living increases must be taken into consideration when agreeing on a final financial settlement.

5. Using a CDFA™ can reduce the amount of apprehension and misunderstanding about the divorce process. Misinformation and misconceptions about the divorce process can be detrimental. Many have false expectations that they will be able to secure a divorce settlement allowing them to continue with their accustomed style of living. Financial divorce analysis helps to ensure a good, stable economic future and prevent long-term regret with financial decisions made during the divorce process.

Source: www.institutedfa.com


Divorce Statistics
  • Approximately 2.3 million Americans will divorce this year
  • 100% of divorces involve financial settlements
  • 45-50% of first marriages and 70% of second marriages are expected to end in divorce
  • Nearly 40% of divorced mothers are poor
  • An estimated $50 billion is spent annually in North America as a direct result of divorce; about a third of that is for legal fees alone

More than 33 million divorced people currently live in North America, and another 5 million are currently separated These statistics show how common divorce is nowadays — but that doesn't mean people will be prepared for it when divorce comes knocking at their doors. Whether someone is considering separation or is already in the divorce process, that person will be making decisions that will affect the rest of his/her life.

Sources: www.institutedfa.com and “A New Era Deserves a New Divorce Model,” written by Janice Reha and Kathleen Miller, Washington State Bar Association.
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