DIVORCE PLANNING SERVICES
Before, During and After your Divorce |
Deb Aurand, founder of Financial Resolutions, is a CDFA and a CPA who is also trained in both family law mediation and collaborative divorce. Deb’s extensive tax background makes her especially qualified to suggest creative options which help you maximize your financial settlement. Deb’s role as a CDFA is to help clients understand the financial ins and outs of divorce and how divorce will affect their financial future.
Our goal at Financial Resolutions is to help minimize the financial and emotional costs of divorce while maximizing our financial expertise to help you maximize your settlement. Every divorce is unique which is why we customize our services to fit your individual needs. Regardless of where you are in the divorce process, we offer a wide array of services to assist you. |
Pre-Divorce Planning Services |
The most common question people ask when contemplating divorce is: “How will my divorce affect me financially?” It’s understandable that people facing divorce are uncertain about what their financial future holds. Understanding the impact of dismantling family assets which have been accumulated over the lifetime of a marriage can be overwhelming, particularly for a spouse who has had very little involvement in the couple’s finances during the marriage. For clients who are contemplating divorce, we will:
- Answer general questions about divorce and the impact it will have on your financial future to help reduce your uncertainties
- Educate you on the divorce process and the alternative methods of divorce
- Explain how settlements are determined and how maintenance and child support are calculated
- Evaluate what your future financial situation would look like under various different settlement possibilities based on your income, spending, assets and debts
- Assist you in determining if you can afford to divorce based on the projections we have provided
- Help you plan and prepare for divorce should you eventually begin the divorce process
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Financial Services During Divorce |
Once you have made the decision to divorce, we work as your advocate to provide clarity and understanding. We meet with individuals and couples who are just beginning or are in the midst of the divorce process and also work with their respective divorce attorneys or mediators. We will:
- Educate you on the divorce process and the alternative methods of divorce
- Provide financial education if you are not experienced or knowledgeable in this area
- Assist you in managing your relationship with your attorney
- Collect and organize financial documents relating to your assets, liabilities, income and expenses
- Assist in the preparation of the marital balance sheet
- Assist in the preparation of pre- and post-divorce budgets and financial affidavits
- Determine which assets and liabilities are marital and which are non-marital
- Analyze prior tax returns to look for hidden assets or signs of unreported income
- Develop options for dividing assets and liabilities in a way that meets each spouse’s needs
- Make recommendations about child support and maintenance and illustrate the results of different options on each spouse’s future cash flow
- Provide your attorney with reports and graphs which will help increase your attorney’s negotiation power
- Use divorce planning software to analyze various settlement options and present you with reports and graphs illustrating the short term and long term consequences of each option
- Ensure financial settlement options have utilized available tax planning strategies
- Use divorce planning software to present “what if” scenarios which show how making changes in items such as filing status, dependency exemptions, and tax credits during settlement negotiations impacts each spouse’s cash flow
- Determine the after tax value of your pension and retirement plans and analyze the short and long term consequences of the various distribution options
- Review the final settlement agreement to ensure it is not only equitable but will meet your cash flow needs post-divorce
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Post-Divorce Planning Services |
Once your divorce agreement has been signed, our objective is to help you get on the right track to building a secure financial future. We work with you at your level of expertise. If you did not manage the family’s finances during your marriage, you may benefit from help getting started. Our goal is to provide you with the training necessary to be in control of your financial life. This can mean teaching you how to balance your checkbook, create your own budget, live within your means, or manage your credit card debt. We will also help you:
- Determine if you should sell or keep the marital home
- Refinance your mortgage
- Reestablish credit
- Effectively manage your debt
- Determine if you should take withdrawals from your retirement accounts while you still may be able to avoid the 10% early withdrawal penalty
- Transfer assets into your name
- Review your life, health, disability, auto and homeowner’s insurance to determine if you have adequate coverage
- Develop budgets and long range projections of future cash flows
- Establish short and long term goals and plans to meet those goals
- Plan for college expenses
- Plan for your retirement
- Take advantage of the tax savings offered by medical savings accounts (MCAPs) and health savings accounts (HSAs)
- Work with your attorney to create or update your will
- Provide tax planning advice and tax return preparation services
- Provide referrals to other professionals including investment advisors
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Collaborative Divorce Services |
Deb is trained in collaborative divorce and serves as a Financial Neutral on the collaborative divorce team. Please see our “Divorce Methods” tab for more information on the collaborative divorce process and the services we provide in a collaborative divorce. |
