A divorce financial planner will take a lot of stress off your shoulders. The first step in the process is to paint a clear picture of your current finances so that you are on the same page as your consultant. He or she will help you stay more focused, negotiate efficiently, minimize fees and taxes, and resolve all financial matters quickly.
When you meet with your divorce financial planner, there will be four main consultations. The first consultation involves reviewing your current situation. With the help of your planner you will collect, organize and value each of your assets. You’ll analyze liabilities in terms of you and your spouse, estimate immediate needs, calculate your net worth, and develop a realistic short-term budget.
The second consultation focuses on your future finances. You will discuss and prioritize your long-term goals, estimate costs related to vocational training and/or vocational school. You will estimate future earnings and calculate educational expenses. Your divorce financial planner will help you project and analyze your insurance and retirement needs.
Once an agreement has been reached, your divorce financial planner will explain the immediate and future ramifications involved. He or she will review pre- and post-tax settlement, estimate maintenance needs, and analyze short-term and long-term cash flow. Most importantly, they will analyze and compare deals or develop alternative deals as needed.
You will continue to meet with your divorce financial planner beyond the initial separation date. Your consultant will oversee asset transfers on your behalf, set up your personal budget and money management systems, manage your investments, and keep you informed of the results.
The purpose of meeting with a divorce financial planner is to ease any fear and anger you may have; you can expect to attend between 6 and 10 sessions depending on the complexity of your divorce. Sessions are conducted neutrally and are made up of you, your spouse, a mediator, and any attorneys or accountants who need to be present for legal matters. Sessions typically last an hour or more, depending on the company you sign with. However, expect to complete a large amount of paperwork before meeting with a planner.