Divorce Financial Planning
A divorce is an emotional, legal, and financial matter. You may seek the support of a therapist, friends and family, and an attorney to assist with the emotional and legal aspects, but going through this process without the guidance of financial advisors trained in divorce can be a costly mistake.
We assist you in accumulating the necessary financial information, support your attorney in the financial decisions related to your settlement, and work with you to determine how your new circumstances will impact your future.
Preparing Financial Data
One of the primary steps in preparing for your divorce is the preparation of a financial affidavit. Information pertaining to your assets, liabilities, income, and expenses are compiled in a document called a Statement of Net Worth in New York or a Case Information Statement (CIS) in New Jersey. The accuracy of this document is critical in negotiating an equitable distribution of assets as well as spousal and child support.
We prepare these documents and analyze the differences in the information submitted by each spouse. Our review process may reveal missing or hidden assets or even the inappropriate use of marital funds. Our goal is to give you the peace of mind that all decisions made in the divorce are based on fair and accurate information.
An equitable settlement cannot be obtained without careful review of all financial aspects of the divorce. Assets that are equal based on fair market value are not necessarily equitable when one considers the tax consequences of disposition, the potential for appreciation or depreciation, or even the age of the spouses. All aspects of a financial plan are needed for the determination of value and the division of assets. In determining support, the tax implications of dependency exemptions and tax credits can be used to maximize family finances. Overlooking these matters by using standard protocols such as alternating every other year will not work for most families. Our analysis of each aspect of the financial agreements will benefit all parties.
Planning for the New Financial Picture
Your postdivorce financial plan is the beginning of your future. From determining your new budget based on the parameters of your income and expenses as well as projecting your investments for future goals and retirement, our focus on the present and future will guide your transition period and keep you moving forward.