Post-Divorce Financial Planning
Post-Divorce Financial Planning Services
The financial planning and advisory practice includes a comprehensive post divorce financial planning program for clients dedicated to preparing for financial independence and long term success during the post divorce transition. This program was developed with our Family Law experience in mind having seen the negative effects of lack of follow through. We offer Comprehensive Financial Planning Services to our clients who desire the flexibility to pursue what is next in life for themselves and future generations. Crafting these long-term strategies is a team effort. We recognize the importance of interacting seamlessly with our clients’ attorneys, accountants, and other trusted advisors. When the need arises we offer unparalleled access to the expertise of additional professionals through our strategic alliances with an extensive array of specialist.
Our dedication to helping clients effectively and intelligently pursue and attain their financial goals has fostered a commitment to continuing education resulting in our team members earning the industry’s highest designations such as the Certified Financial Planner and Certified Investment Management Analyst designations. The result is an unrivaled expertise that is evident in every financial plan and wealth management strategy we create.
_____________________________________________________________________
Services Offered
- Consultation and recommendations for cash flow strategies including budgeting, savings, and debt management.
- Implementation of cash flow strategies for planned cash flow needs, including major purchase, college funding, emergency reserve account(s), and retirement distribution planning.
- Retirement goal accumulation and distribution scenario planning. Including statistical analysis to assess the levels of risk in plans and probability of attaining goals given certain assumptions. Modeling the affects of changes in portions of your plan to facilitate understanding of adjustments that may be needed.
- Maintain and update a “Financial Needs Analysis,” an analytical process that evaluates the likelihood of meeting stated goals, based on the client assets, liabilities, and relevant economic assumptions. This analysis is typically updated on an annual basis – more often if the client experiences a significant unanticipated life transition or a dramatic change in market conditions.
- Review and recommendations of the client’s personal and investment mortgages, debt refinancing, and loan alternatives.
- Review and recommendations of the client’s property and casualty coverage. As we do not place coverage, we will refer to a qualified agent to assist in the placement of policies and coordinate this process to insure proper interface with your comprehensive plan.
- Needs analysis for life, disability, and long term care protection.
- Consultation regarding the client’s estate planning issues. Review of current estate plans including wills, trusts, and powers of attorney. Asset protection strategies, estate tax avoidance, multigenerational gifting and bequests, and business succession planning.
- Consultation regarding current and prospective health insurance programs in group or individual format.
- Guidance and consultation for college funding. Including 529 Plans and other savings options.
- Consultation regarding strategies for philanthropic gifting and family foundations.
- Dependent care and special needs planning for disabled and elderly family members.
- Consultation regarding insurance, tax, investment, estate, and retirement planning strategies with other professionals that serve our clients.
- Consultation regarding small business planning issues such as employee benefits, retirement plans, and insurance.
- Assistance with the application process for the Free Application for Federal Student Aid (FAFSA), private scholarships, and debt financing.
_____________________________________________________________________
The Financial Planning Process
1. Establish and Define the Client – Planner Relationship.
Clearly explain, document the services to be provided, and define both parties’ responsibilities. In the Financial Planning Process the planner will explain fully how payment will be received. An agreement will be made as to how long the professional relationship will last and how decisions will be made.
2. Gather Client Data
Collect information about your current financial situation. Mutually define personal and financial goals, understand the time frame for results, and discuss how you feel about risk. All relevant financial documents will need to be gathered and reviewed before any advice will be given.
3. Analyze and Evaluate Financial Status
A Financial Planner will analyze your information, assess your current situation, and determine steps needed to meet your goals. This could include analyzing assets, liabilities, cash flow, current insurance coverage, investments, and tax strategies.
4. Develop and Present The Financial Planning Recommendations
The Financial Planner will offer and review recommendations based on your goals and ensure your ability to make informed decisions. Recommendations will be revised based on your additional concerns.
5. Implement the Financial Plan
Parties will agree on how the recommendations will be carried out. The Financial Planner can implement or act as a “coach” by coordinating the process with other professionals such as attorneys and accountants.
6. Monitor the Financial Plan
Parties will agree on how progress will be monitored, how often updates will be done, and situations reviewed due to changes in your life.