I first learned how critically important Divorce Financial Planning was in my own divorce in 1999. At that time, I had no specialized training and emotionally, I was focused strictly on getting through one day at a time.
Years later, I discovered that many people could use a special type of independent divorce advice, properly given by specially trained financial advisors. I took my original training to become a Financial Divorce Specialist from Carol Ann Wilson, a pioneer and nationally recognized expert in divorce financial planning. I was subsequently certified as a Certified Divorce Financial Analyst (CDFA™.) in 2009. So what does a divorce financial planner do?
First of all, we are not attorneys nor do we give legal advice. That’s the bright line difference between the two disciplines. To obtain the CDFA™ (Certified Divorce Financial Analyst) designation, you have to pass a four part course offered exclusively by the Institute for Divorce Financial Planners™.
These courses comprise the legal, financial, and tax issues of divorce. In the final course, candidates are given several case studies where they must use their creative resources to help couples with various financial needs. They must then write sample reports to attorneys summarizing the case and offering recommendations on how the individual’s or couple’s needs and interests can best be met.
So, although we have training in divorce legal issues, we focus on creativity and how one or both spouses can financially survive after divorce. Our emphasis is on the technical financial issues that we are trained in and how our clients can avoid financial crisis that typically comes from divorce.
Divorce Financial Planners can help you find the answers to these questions:
- Am I going to be (financially) ok after the divorce?
- Are there other options for an equitable settlement?
- Can we afford a college education for our children after the divorce?
- Will I be able to retire?
- Can I/we afford to maintain two residences?
- How do we handle our debt?
- What’s at risk, financially?
- How do I budget for the future?
- How much support do I need? How much support can I afford?
- What does all this mean to me, tax-wise?
If you are going through the divorce process and have any of these questions, email or call John Faggio now at 410-988-7333 and safeguard your and your family’s financial future.