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Divorce Strategies Group

Divorce Strategies Group

Denise French

  • Divorce Mediation
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    • Forensic Accounting
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  • Work With Us
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    • Denise French
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CDFA

High Stakes, High Net Worth:

January 18, 2023 By Melissa Provence, CDC, DCC

Why hiring a Certified Divorce Financial Analyst can make or break you

By: Melissa Provence CDC,DCC

When it comes to divorce, more than emotion has to come into the equation. High net worth couples can have a particularly difficult time. They have saved all their lives and now face losing a portion of those savings. When it comes to dividing high net worth estates, a highly skilled Certified Divorce Financial Analyst (CDFA) is one of your best lines of defense.

Planning for more than tomorrow:

Oftentimes fiscal decisions are thrown to the wayside due to the emotional effects that divorce can have on a couple. The role of a CDFA is to look at your estate with more than a short-term band aid to get you back on your feet. They work with you during and after your divorce to help you make financial choices when best serve you now and in the future.

Many clients have never dealt with investments like 401K’s, RSU’s, and pension plans. These are complex investments which can greatly impact your retirement. What are the tax implications down the road when dividing the assets awarded to you in your divorce? Does a 50/50 split become a 70/30 split when considering tax effect on your estate? These fact sets are often presented to the client so they can make sound financial decisions.  A seasoned CDFA will take an all-encompassing approach to assist you in making wise financial choices.

CDFA’s Role in Your Divorce:

You may be wondering why you wouldn’t just use a financial planner. CDFA’s are often financial planners who also have specialty training and experience working in the divorce financial realm.

CDFA’s will work with you to organize and help you understand your finances. Collecting years of financial data, researching separate property, and division options for the estate.

Let’s not forget parenting after divorce. Who is paying for college? What will child support look like? What about children’s car expenses? These and others are topics a CDFA can review with you, your mediator, and your attorney.

Dissolution of a marriage, not your net worth:

At Divorce Strategies Group, we do divorce differently.  Denise French founded the company in 2014 after her own divorce disaster. She had spent a six-figure price tag and a few years of her life trying to close one chapter and begin a new one. After she was divorced, Denise desired to build a company based on creating a better divorce experience. She is highly trained in the areas of high net worth divorces, divorce tax, separate property tracing, executive compensation in divorce, and pension plans. We don’t just facilitate the last stages of the negotiation. We walk with you every step of the way.

To schedule a call…

Filed Under: Divorce Finance Tagged With: CDFA, divorce, Divorce Financial Analyst, financial planner, Net Worth, understand finances

Retaining Your Assets in Divorce

June 28, 2021 By Denise French, CVA, MAFF, CDFA, CRPC

After years of working with those going through divorce, we have found individuals with two factors really thrive during divorce.  Those who have (1) knowledge of the relevant facts and (2) realistic expectations are the most ‘successful’ in their divorce.  Without accurate accounting of your finances, you may find that you cannot afford your life, or you could jeopardize the retirement that you have worked so hard for. Conversely, you may find you have more than enough in assets to maintain your lifestyle, and you are secure financially.    With higher-than-realistic expectations you may spend thousands of dollars (or hundreds of thousands) only to find a fair division is 50/50 (or 53/47 but not the 80% you wanted).  For those going through a “gray divorce” or spouses who have worked at home, the financial ramifications can be even more significant for either mistake.

Hurt feelings and fear often combat rational thought – which we totally understand – we were the same way. Divorce is scary! With that in mind, we have created 7 tips to help those in divorce walk away with your financial future intact after you go your separate ways.

Budget your Post-Divorce Lifestyle.

Living separately can be scarier than living together – even if you were miserable!   To ease the fear, remember knowledge is power.   It is imperative to know your monthly income and expenses.   This is particularly important if one spouse has been paying the bills and managing the household finances alone.

Figure out your immediate needs and go from there. At Divorce Strategies Group we walk couples through their post-divorce budget early in the divorce process.  It is important that clients know realistically what they can spend each month following the divorce. This sets them up for a secure financial future and gives them peace of mind.  It can also help you negotiate from a position of power, not fear.

Manage Costs During the Divorce

A typical litigated Texas divorce ranges between roughly $20,000 to $40,000 or more. That is no small chunk of change to most couples.   We have been witness to divorces costing $60,000, $80,000 and more (reference unrealistic expectations and lack of knowledge above).

One way to mitigate the financial fallout of divorce is to choose early mediation over litigation. Mediation is a process in which a mediator helps divorcing couples reach an amicable settlement. The mediator facilitates communication between the parties to promote settlement and understanding between them. Mediation addresses child custody, child support, visitation, spousal support, and property division. The mediator does not act as a judge, attorney, or financial advisor, but assists the spouses in reaching a voluntary agreement. At Divorce Strategies Group our Mediation Process involves a team of experts that will work with you and your spouse to negotiate a divorce settlement that won’t break the bank.

focus photography of person counting dollar banknotes

The issue many attorneys, rightly so, have with mediation is it is done without guidance of someone who understands the law or someone who understands how finances work relevant to divorce.   These are both valid concerns.  We have seen couples negotiate a “do it yourself” divorce only to find they owe thousands later due to mistakes or someone lost out of hundreds of thousands because the agreements were not able to be legally completed (such a restricted stock plan) or the property documentation (such as a pension plan) was not completely correctly, thus the agreement is not enforceable.

To make sure you do it right, we include a Family Law Mediator Attorney with a Divorce Financial Expert to provide the right guidance to you the first time.  Visit Divorce Strategies Group for more information on our process.

Eradicate Debt

If you have joint debt with your soon-to-be ex-spouse, it is best to pay it off before finalizing the divorce.

Shared debts remain both party’s obligation in the eyes of a lender, even if the divorce settlement says only one spouse is responsible for paying it back. If the responsible spouse fails to make the payments, any defaults will show up on the other spouse’s credit history.

If the debt cannot be paid off pre-divorce and becomes only one spouse’s responsibility, the other should continue to have access to the account’s history to make sure it is being paid as agreed.  Better yet, have an attorney create an enforcement action in which you can take over the property or some other property if you are not able to be removed from the debt and your spouse, who was assigned the debt, fails to pay.  An attorney can help you make payment of the debt in your name contractual or binding in some other format.  Debt in divorce can be tricky It is wise to seek legal and financial guidance if you are dealing with large amount of debt or a significant debt (like a home mortgage).

Kids are Expensive

Kids can cost a lot, especially when you have not budgeted their future needs into the equation. Be sure to consider things like cars, car insurance, private school tuition, day care costs, summer camps, extracurricular activities, and even smaller things like school lunch accounts and back to school shopping. These costs add up over time.

woman wearing academic cap and dress selective focus photography

If you have children close to graduating from high school, it is important to be very clear about what each parent is willing to cover in college costs or any other expenses.  Another discussion to have is who will cover health care costs for your children after they graduate high school.  Who will the insurance fall under, who will pay for it, and how will out-of-pocket costs be covered from the time your child graduates from high school until they are fully on their own as a working adult?  Family courts do not cover this time period, but parents sure do, and contractual agreements can be made between the parties regarding this no man’s land of time for older kids needs.

Divorce during Retirement

Gray divorce is defined as divorcing couples who are 50 and older, and they are on the rise. These couples have their own unique situations and needs for the future. There may be annuities, retirement plans and life insurance policies.  We have had couples retire during the divorce which also brings a multitude of tax issues.

Retaining Your Assets in Divorce

One way to facilitate a smooth transition after divorce is to hire a Certified Divorce Financial Analyst. We work closely with couples during and after divorce to make sure they understand the assets they own, what income can be derived from investments and help them build a firm financial foundation.

Divorce for those over 50 is a critical life situation and likely the biggest financial transaction of your lifetime.  Your divorce could determine your lifestyle for the remainder of your years.  This is not to scare you, it is just important to have counsel if you are in this situation.

Receiving the Assets You Were Awarded

A common assumption people have during a divorce is they automatically own an asset the court has awarded to them.   Just because you were awarded the asset, does not mean you now own it.  There is a process to walk through after the divorce to take ownership and control of the property you were awarded weather that property was a home, a brokerage account, a bank account, or a retirement fund.  Divorce Strategies Group members can walk you through the steps you need to take to claim the assets you were awarded.  This is very important to do as soon as possible so your spouse cannot improperly move or hide funds you were awarded.    It is also important to complete the Qualified Domestic Relations Orders (QDRO’s) while your attorney is involved as these need to be filed with the courts and all parties (you, your ex-spouse and your attorneys as well as the judge) need to sign it.

Plan for Peace of Mind

The goal we have for all our clients at Divorce Strategies Group is financial peace of mind. When working with us, you will know what bills you need to pay every month and how much of your disposable income you can spend. You can spend your money in freedom because you know you have a plan for your budget, taxes, and investing. We can also help you adjust your financial plan if you experience new significant life changes.

Planning and budgeting are not fun concepts, but the fruits of these labors can provide a lot of fun (and security) in your future!!

Schedule a complimentary consultation with Divorce Strategies Group today.  No matter what phase of the process you are in – just starting, in the midst of divorce and have financial questions or wrapping it up and looking ahead toward your future.   We are here to help you thrive after divorce and move on to the next phase with confidence, strength and hope.

Filed Under: Divorce Finance, Dividing Property Tagged With: #divorcesupport, CDFA, divorce, divorcesupportgroup, estateplanning, financialplanner, financialplanning, graydivorce, retirement

CDFA™ Professionals can help to create financial settlements that work – both now and in the future

August 12, 2019 By Denise French, CVA, MAFF, CDFA, CRPC Leave a Comment

A Certified Divorce Financial Analyst™ (CDFA™) professional can help you address the financial issues of divorce with reports that can help achieve settlements that work today – and in the future. If you are considering hiring CDFA professionals, read on for more information about how he or she can help you.

A CDFA™ professional can:

• Complete the detailed financial work for the client and the client’s attorney, making case preparation and settlement easier
• Provide in-depth analysis of the short- and long-term financial effects of a proposed settlement
• Work as a consultant or expert witness

woman with people in background

About CDFA Professionals

A Certified Divorce Financial Analyst™ (CDFA™) professional has:
• Graduated from the Institute for Divorce Financial Analysts™
• Extensive financial expertise in the fields of financial services, accounting, or law
• Received specialized training in the financial issues of divorce
• Fulfilled continuing education requirements

Founded in 1993, the Institute for Divorce Financial Analysts™ (IDFA™) is the most established and recognized designation in financial planning for divorce. In order to become a CDFA professional, a candidate must successfully complete a series of exams based on a self-study course offered by the Institute, be in good standing with his or her firm or broker/dealer and any governmental regulatory agencies, and complete 20 hours of continuing education courses every two years.

How a CDFA Professional help a Family Law Attorney?

CDFA professionals help lawyers and their divorcing clients address the special financial issues of divorce with data that can help achieve equitable settlements. A CDFA pro is trained to:
• Produce powerful case exhibits in the form of spreadsheets and graphs
• Give lawyers professional support to make sure they’ve covered all the financial “bases”
• Provide litigation support to divorce lawyers
• Serve as a financial expert on divorce cases
• Analyze the financial implications of different divorce settlement proposals
• Create a rock-solid personal financial analysis for the client
• Make sure the client understands the short-term and long-term financial impact of different settlement proposals

How a CDFA Professional can help the divorcing client

• Separate vs. Marital property
• Valuing and dividing property
• Debt, credit, and bankruptcy
• Retirement and pensions
• Spousal and child support
• Options for the Matrimonial Home
• Tax problems and solutions

The Experts Talk about CDFA Professionals

“However the divorce [financial analyst] enters the process, the participation of a financial specialist can benefit both clients and lawyers, according to Sandra Morris [former president of the American Academy of Matrimonial Lawyers]. While the [CDFA] wades through the financial morass of a divorce, the attorney is freed up to focus on legal issues.”
– Lawyers Weekly

“The professions of divorce financial analysis and matrimonial law have a long, prosperous future together. The skilled CDFA brings rationality to an irrational situation.”
– Frederic J. Seigel, Esq.
Partner, Fitzmaurice & Seigel, CT

“CDFAs can provide invaluable information that allows the court to arrive at a fair, equitable, and just resolution – not just at the moment of trial, but down the road as well.”
– Honorable Kathleen M. McCarthy, JD
Family Court Division Judge, MI

“[CDFAs] watch out for tax snafus, help clients obtain health insurance after a split, and demystify tough-to-value private-equity or hedge-fund investments.”
– The Wall Street Journal

Local Financial Support for Your Divorce Needs

Denise French - Local Financial Support for your Divorce NeedsWe at Divorce Strategies Group are here to help you with your divorce case whether you are the client or the attorney. We not only have the professional experience to expertly help you navigate through the divorce financial and tax maze, but we also have the personal experience of walking through divorce ourselves with a complex financial estate.

Contact us for more information and resources on divorce, and to schedule your consultation.

Filed Under: Divorce Support Tagged With: CDFA, CDFA professionals, divorce, divorce attorney

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