Divorce Financial Planning
Divorce is a highly emotional experience which involves a set of pivotal financial decisions. Those decisions often are among the most difficult and important decisions you will ever make.
We are committed to helping you focus on the future and will help you get through the financial aspects of the divorce process while preparing financially for your post-divorce life.
Divorce financial planning is a specialized service for clients currently contemplating or undertaking a divorce or separation from their spouses. Divorce financial planning involves assistance to:
- Create any financial statements required to allow a divorce process to move forward.
- Analyze the financial differences – including cash flow timing and tax differences – among alternative proposed divorce settlements as part of a litigation, mediation or collaborative family law process.
- Help you understand and evaluate the multiyear implications of any proposed settlement combined with your own post-divorce financial decisions.
You will work with a Central Park Financial Planning specialist who is a Certified Divorce Financial Analyst (CDFA™) to create a variety of deliverables either required by the court or needed to successfully analyze alternative settlement agreements and your own post-divorce financial decisions. Depending on your unique circumstances, these deliverables may include:
- Required financial affidavits
- Tax-effected asset analysis
- Multiyear, lifestyle-based expense budget and cash flow projection
- Housing decision analysis
- Education finance analysis
- Retirement planning analysis (including QDRO requirements)
- Settlement proposal structuring
- Alternative settlement evaluations using multiyear financial projections including expenses, income, cash flow and net worth
- Spousal support tax compliance analysis
- Defined contribution retirement plan analysis
- Employment agreement analysis
- Health insurance review
- Beneficiary review
- Life and disability income insurance review
- Existing joint debt review
We will also work with third-parties responsible for valuing assets such as:
- Defined benefit retirement plans
- Private businesses
- Real estate assets
- Stock options
- Other illiquid investments
Our multi-step process is designed to effectively meet all your divorce needs:
We want to get to know you and explore your financial goals, concerns, and hopes.
We’ll pull together and organize all financial information for you, your spouse, and any children.
It's important that your financial information including assets, liabilities, income, and expenses be analyzed first.
Develop an initial set of alternatives to consider consistent with your personal circumstances.
Present findings to you and your legal team, and based on input, we'll revise as needed.
Work with you and your attorney during negotiations to evaluate emerging alternatives.
Assist with required follow-through to ensure plans are fully implemented.