Benefits of Working with a CDFA®
Divorce is a complex process. Before you will ever be able to agree on a settlement, you will need to gather extensive information such as the value of current property and assets, the long-term tax implications of proposed property settlement agreements, and you may even need expert witness testimony services in the event that you have to negotiate in court. To help streamline the divorce process, bringing in the expertise of a marriage dissolution mediator can be invaluable.
Veralynn Morris, the certified divorce financial analyst (CDFA®) at Divorce Financial Solutions, has extensive knowledge of the financial implications of divorce. Drawing on over 30 years of experience in the investment and financial planning industry, Veralynn takes a personalized approach to every case and strives to get to know each client and their unique needs. Our firm is proud to serve clients in Frederick, Montgomery, Carroll, Washington, Howard and Garrett Counties.
The divorce process can be divided into four main phases and along every step of the way, the expert CDFA® at Divorce Financial Solutions will be there to guide you:
In the beginning of the divorce process, it is important to gain a clear and thorough financial picture of both parties by working with a pre-divorce financial counselor. This includes such considerations as analyzing liabilities, developing manageable and realistic budgets, determining net worth and preparing statements, and estimating the immediate needs of both parties. Because a CDFA® has extensive experience in the field of financial planning, they will be equipped to help you navigate this process much more efficiently than a lawyer.
A divorce has lifelong implications, so it is crucial to realistically plan for the future. During this phase, your CDFA® will help you think through your long-term goals and objectives and help you find ways to make them happen and consider your insurance needs with divorce. Whether you would like to go back to school to increase your lifelong earning potential or you have kids who will need to go to college someday, your CDFA® will help you plan for these considerations.
Analysis of Divorce Settlement
Once a settlement has been proposed, it is absolutely vital to analyze the terms of the property settlement critically and thoughtfully. Does the settlement take taxes into account and, if not, is it still fair and equitable? Are there long-term maintenance needs that are not included in the settlement? Does it take into account how both party’s net worth will grow over time? Your CDFA® will help you navigate the question of your divorce finances, propose alternative settlement possibilities, and compare and contrast them in order to ensure that all of your needs will be met, both now and in the future.
Long-Term Financial Management
Once a settlement has been agreed to, the logistics of asset transfer and investment management will become a concern. Your CDFA® will help you understand these processes and assist you in setting up budgets, monitoring the outcomes, and adjusting your plans as necessary. A CDFA® is there to help you navigate your divorce finances long after you have left the settlement table.