FINANCIAL COMPONENTS
I have the experience and expertise to guide decision-making and problem-solving on a wide range of financial issues related to divorce, including:
- Identify financial goals, objectives, needs and concerns
- Tax issues
- Property division options
- Estate planning considerations
- Retirement and pension plans
- Debt pay-off
- Property and business interests
- Cash flow and budget analysis
- Review of settlement agreements
- Marital standard of living analysis
- Financial review of settlement agreements
- Oversight of property transfers
- Education on divorce financial issues
- Insurance coverage
- Employee benefits
- Children's education/special needs
- Keep or sell the house
- Analysis of income available for support
- Needs based support analysis
- Separate vs. marital property
- Spousal and child support
- Credits and reimbursements
- Oversight of insurance and estate planning modifications
I can help you with the following financial components pertaining to divorce:
- Divorce Financial Inventory Worksheet:
Gathering, clarifying, and organizing all assets (both marital and separate). It's important to know the cost basis of all assets so tax planning can be considered in the divorce settlement. If a spouse had property prior to marriage (separate property), this financial piece will be identified and excluded from the community property division. - Property division analysis:
When dividing investments, it’s important to recognize a spouse’s tolerance for risk or any unsuitable features. We’ll evaluate the strengths and weaknesses of all property to be divided. I will provide different scenarios for a financial settlement to help you determine the best option for each spouse moving forward. - Identifying and listing marital debt and liabilities:
It’s important to close joint accounts and set up individual ones. Pulling a current credit report before finalizing the process helps avoid surprises. Besides determining which spouse will be responsible for paying specific debts, it's necessary to notify creditors to update the debt under the responsible spouse's name. - Pension division analysis:
A qualified domestic relations order (QDRO) is required for pension division. If the couple wants to split a pension account immediately, I can provide the present value as an alternative to splitting future pension payments. A fair settlement can sometimes be reached by buying out the non-employee spouse with other assets. - Budgeting and ongoing monitoring post-divorce:
Knowing your future income—earned income, spousal and child support, investment income, etc.—is critical. I will help you establish a realistic budget based on expected income and expenses, projecting years into the future to assess cash flow and financial health. - Reviewing insurance, tax liabilities, estate planning, and retirement financial issues:
One spouse may lose health insurance coverage post-divorce (COBRA is available for up to 36 months), so new coverage will need to be purchased and factored into monthly expenses. Estate planning will also need to be updated, including beneficiaries and trusts. Reviewing available retirement funds is crucial, as they are often split in half during a divorce. - Communication with attorneys:
Once a fair financial settlement is agreed upon, I can meet with your attorney to explain the financial aspects of the division. Financial language can be complex, and I can help relay the information clearly so your attorney can better represent you. While I’m not an attorney and cannot provide legal advice or documents, my financial expertise in investments, taxes, insurance, and estate planning will help expedite the process, reducing cost, time, and emotional stress.
Ready to find out more?
To schedule an appointment please call; 949-527-5171 (949-KAR-5171)
I am happy to chat with you briefly on the phone without charge so you can decide if my services are appropriate for you before making an appointment.