Options for Financial Help When Facing Divorce

A Toy House About To Be Divided By A Saw

This article was written by Freya Robbins

My attorney will present my case to the judge, but does my attorney really understand my financial situation? If you do not fully understand your financial situation to begin with, it makes sense that you might be more concerned about the outcome regarding your finances if there will be a divorce. This might be the driving force for people going the “attorney route” because they believe their financial wellbeing will be considered a priority.

Can we back up a step? Regardless of whether you are facing divorce, you and your spouse should completely understand your financial situation. If you do not, now is the time to stop and take an inventory. It should not take a potential separation or divorce to wake us up to the fact that we have no or little clue about our cash flow, net worth, investments, taxes, insurance, or estate planning documents etc.

Unfortunately, a potential divorce will get our attention, but there is help. The question is, where will you go for help? Your well-meaning friends and family will have lots of advice. Following is a list of people who may offer you advice about your finances: mortgage broker, banker, CPA, accountant, counselor, insurance agent, financial advisor, real estate agent, hair stylist, golfing buddy, person at the bar, friend who is also going through a divorce, ex-brother in law, forensic accountant, attorney and Certified Divorce Financial Analyst®.

Signs Pointing In Different Directions, Labeled: Divorce, Lawyers, Custody,Assets, And Split

Concept: A Judge's Gavel Dividing A Household

Once the emotional decision has been made, separate from issues relating to our children, a divorce becomes all about the money! It may in fact be the largest financial transaction you may ever make so it would be wise to be educated and fully understand the short term and long-term effects.

How do you know who to trust? The answer to that is much like trusting the advice of anyone about anything else. Are they an expert in their field? What do they have to gain or lose by the advice they are giving you? Could they have an ulterior motive? What are they charging you for this advice? Are they willing to educate you and speak your language or are they talking above you making you feel like you will never understand or are inadequate? What is their level of experience in this area? Do they have your best interest at heart?

Because we are in a state of confusion, we often hire an attorney and hope they will take care of everything. That may or may not happen. If it does it might cost you more than it is worth. Ask anyone who had a litigated divorce and was required to hire a forensic accountant per their attorney. There are situations that require the expertise of a forensic accountant especially if your case is likely to go to court but buyer beware that cost will start at about $5,000.00 to assist you with preparing your Financial Affidavit and will go up from there. It is not unusual to see costs for a forensic accountant being upwards of $15,000-$20,000. If that is any clue, you can expect your entire divorce to be quadrupled that cost.

Man With Balance Scales And Judicial Gavel

A Certified Divorce Financial Analyst® is trained specifically to assist someone who is preparing for divorce. Fees are considerably less than the fees of a forensic accountant. Your finances might seem like a quandary to you, but it is not rocket science. If someone is presenting it to you as complicated it might be an effort to confuse you so you will be dependent upon their advice. Ask for someone to explain it in layman’s terms or find a CDFA® who can help. The basic process includes calculating your assets; anything that you own and your liabilities; anything that you owe. Typically, these will be divided equitably (unless it is agreed upon otherwise). After that is complete, we evaluate your cash flow, the lifestyle you have lived, and the cost of living currently and/or projected for the near future. As you work with a Certified Divorce Financial Analyst®, you can inquire with other experts such as your financial advisor and your CPA, as necessary.

At Zollinger Mediation, we provide the Certified Divorce Financial Analysis along with divorce mediation services. We often assist clients with alimony calculations, determining the value of pension plans, assisting with Qualified Domestic Relations Orders (QDRS’s), calculating Child Support, and valuation and division of properties and businesses.

Text: Assets Anything Of Value Which Is Owned By An Individual, Company, Organisation, Etc

Call Zollinger Mediation before you get on a path to financial destruction.  We offer a free introductory telephone call.

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Freya Robbins

Freya has been assisting families for years, combining professional training and her own experience in marriage, parenting and divorce; she truly relates to her clients. Freya founded Zollinger Mediation was in 2004, and she has been assisting families with divorce mediation, marital mediation, pre-nuptial and post-nuptial agreements and eldercare mediation since. Freya business is known as The Positive Alternative to adversarial divorce. She educates her clients and shares ideas in a straightforward but accepting way about how to resolve conflict. In addition to her mediation practice, Freya holds a Series 6 License and is licensed to sell Life and Health Insurance, Annuities, Mutual Funds and Retirement plans. She holds a Certification in Long Term Care (CLTC) and is certified as a Chartered Special Needs Consultant (ChSNC). She helps families with special needs as she has a son with Epilepsy. She also cared for both of her parents as they needed assistance with care and in preparation for passing. Freya has written articles for West Coast Woman Magazine, the Observer and has been volunteer speaker for the Women’s Resource Center of Sarasota County. Freya is an advocate for eliminating Childhood Sexual Abuse and serves on the Board of the Child Protection Center in Sarasota, FL. Freya raised her 2 children as a single parent while building her businesses. Freya serves on the board of the Sarasota County Senior Advocacy Council and Josh Provides Epilepsy Support Group. Her most recent claim to fame is her marriage to Loyd Robbins in May of 2015. Love lives again!