Divorce Financial Planning–Key to a Secure Future for All
By: Tess Worrell
Most divorces focus on “property division.” Parties, through their attorneys, clash to see who gets the bank accounts, the house, and even the family cat. Battle lines are drawn and blood flows as parties fight to the death for a chair they rarely sat in but which somehow has come to signify “winning” the battle.
At The Resolution Center, we don’t talk about property division–using property awards to define who wins and who loses. We talk about property investment. We look at the assets the couple has accumulated throughout the marriage–recognizing that no matter who actually collected the paycheck or invested the capital, the couple as a team built their marital estate. It belongs to the family, not to him or her. It should be invested for the financial well-being of every member.
Enter the Divorce Financial Planner. The DFP is specially trained in the intricacies of divorce law, tax law, and the sheer economics of making two houses operate on the same funding as one. The DFP examines the assets and liabilities of the couple along with their respective budgets and offers advice on how to use the assets to cover liabilities and provide a secure and stable future. She details a variety of scenarios, complete with tax implications and long-term projections, which informs couples as to their options. Sometimes there is a good deal of “give and take” involved, but it is the couple who determines which options best fit their expectations and life-style.
Rather than haggling over their rights, couples learn to make financial decisions together–for the good of themselves, for the other spouse, and–most importantly–for the security of their children.