Divorce Planning

Divorce is frustrating, confusing, time consuming, draining both mentally, emotionally and financially

Our approach to Divorce Planning:

At InSight®, our CFP® professionals help advise clients on investment management, retirement planning, tax planning, insurance planning, estate planning, and education planning. While this work is foundational to any client relationship, we felt we could give some of our clients that are going through a divorce or have been through a divorce more.

As a CERTIFIED FINANCIAL PLANNER™ and Certified Divorce Financial Analyst (CDFA®), we’re able to help clients avoid long-term financial pitfalls related to separations. Clients find that by working with someone that has expertise in both fields, they can better understand the long-term effects of a settlement before it’s finalized. 

A comprehensive financial analysis conducted early in the divorce process can save time, and put you in a better position to to get a financial plan on your own terms. With the average length of divorce being one year, saving time is a big help. A CDFA® professional at InSight® can explain all the financial aspects of pending decisions and help to empower our clients to make educated decisions throughout the proceedings. 

Our CDFA® professionals can help save our clients money during the divorce process. We do this by educating our clients and providing a thorough knowledgeable understanding of the complicated financial decisions that come with a divorce. When legal settlements go back and forth between attorneys without a clear understanding of all the financial ramifications is time-consuming and expensive. 

A CDFA® professional will help you avoid long-term financial pitfalls related to divorce agreements. When working with a client and their attorney, a CDFA® can forecast the long-term effects of the divorce settlement. This includes details of all tax liabilities, risks, and benefits. We help our clients not only take care of their immediate financial needs but their long-term retirement needs as well. 

Most importantly, financial divorce analysis helps to ensure a good, stable economic future and prevent long-term regret with financial decisions made during the divorce process.

Topics we support you on, before, during and after a divorce:

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Resources for Divorce Planning clients:

Divorce Playbook

Expense Worksheets

All InSight Divorce Planning Articles

Divorce Planning Articles:

Peter Locke

Divorcing Women and their Unheard Financial Goals

Financial problems are one of the most cited causes of divorce and crafting a Divorce Financial Plan can be your best opportunity for a new start. The compounding stresses of money management and home economics can act as an accelerant for the underlying causes of marital strife and ultimately divorce. It should also come as no surprise that divorce often results in a change in financial direction for both parties, who through the process of divorce find they have several financial goals and needs that are not part of the current marital financial plan. So for one of the parties, it’s time for a change in the methods, tools, and priorities addressed in the financial plan.  On the heels of a divorce, here are some of the most commonly shared priorities that went unaddressed in prior relationships with investment professionals and financial advisors: 66% Hope to pay off debt accrued in or before the divorce 41% Want to save for a comfortable retirement 38% Would like to start or have a  larger emergency fund 34% Would like less risky investments 27% Would like a new home 20% Want more new streams of reliable income 19% Are hoping to build their wealth through investments 12% Want to gain confidence in their insurance  We feel that most of the divergence between the goals of these surveyed divorcees and their financial plans started long before the divorce proceedings. The disconnect between the financial goals of a single party and those established in a marital financial plan likely existed well before the topic of divorce arose and stems from a lack of communication and shared vision.   A staggering majority of recently divorced women comment that their post-divorce financial plan looks nothing like their marital financial plan. Furthermore, an alarming number of women developing a financial plan reveal that they have not yet discussed these priorities with a financial professional which begs the question of how a financial plan that fails to uncover the goals and needs of the woman became enshrined in the first place. As a result, many don’t have a clear path on how to achieve their stated financial goals.  These unheard financial goals compound the already frustrating and stressful situation a divorce brings.  A Certified Divorce Financial Analyst® or CDFA® can play a significant role when uncovering the value of shared assets, divining a tax-based strategy for the future value of different investment types, and assisting in dividing marital assets during the divorce process. Additionally, a CFP® professional can assist you in understanding your options, documenting your financial goals, and putting you in the best position possible to help you achieve your financial goals post-divorce. Generally speaking, women live longer, have different expectations for their money, and prioritize investment returns and strategies. As such, their financial plans should be developed differently. Having a financial advisor by their side during divorce is crucial for combining their long-term financial planning expectations with their current asset make-up. If from the outset, a divorcee lays out a road map for their financial life, the advisor and attorney can better negotiate the terms of the settlement for their shared client. However, in a 2018 survey by the publication Worthy survey, 56% of women getting a divorce, discussed the marital house and debt as a priority, but only 48% discussed taxes, 34% discussed alimony, and 39% discussed the ongoing cost of child care. All of these have a more impactful weight on the long-term success of retirement and the border financial plan.  This makes working with a CDFA® and CERTIFIED FINANCIAL PLANNER™ even more crucial when facing a divorce. A financial professional can help you overcome emotional turmoil to bring you the financial vision and stability you deserve after divorce. The Complete Playbook

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What is a Certified Divorce Financial Analyst?

The Institute for Divorce Financial Analysts is the authority on divorce planning theory and application in North America. IDFA will establish standards for certification of divorce financial analysts that are objective, reliable meet and current benchmarks for certifying bodies. The IDFA helps to ensure the financial health and welfare of the divorcing public through the certification of individuals as Certified Divorce Financial Analysts.

Our Managing Partner is a CDFA®...and that matters!

It means that from the top down our firm is trained and prepared to assist in making your divorce as beneficial as possible to your long-term outcome. Combining the client-centric ambitions of your InSight-Full® Financial Plan with the current divorce situation we are able to do more to put our clients on the best track before, during, and after their divorce. 

If you have questions about managing your assets through a Divorce...

Make a call: 720 314 8033

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