Certified Divorce Financial Analyst Update
Divorces can be expensive, not only in terms of the emotional and financial expense during the divorce process, but also after the divorce is finalized and the parties are faced with new financial realities. William D. Taylor, as a Certified Divorce Financial AnalystTM, helps divorcing individuals/couples understand the ramifications of the financial decisions they are considering before their Separation Agreement is made into a binding Divorce Judgment by the Court.
As a CDFATM, Mr. Taylor is part tax advisor and part financial planner. He looks at the complete financial picture of an individual/couple today and what that picture may look like after the divorce. He analyzes how it may be modified to better meet expectations. Many times attorneys not trained in financial matters attempt to guide their clients in these areas. The question is, why not use the financial expertise of a CDFATM who typically charges much less per hour and has the appropriate training.
Conversations about money can be very difficult to have and often during a divorce is the first time that many people take a detailed look at their overall financial picture. A trained mediator, Mr. Taylor, works with the individual/couple to understand their expenses, what income and assets are available to meet those expenses, and alternate strategies to deal with short falls. He also helps them to understand the tax ramifications of their proposed property distribution (real estate, retirement plans, investment accounts, etc.). Mr. Taylor can provide alternatives that will work to maximize cash flow and minimize taxes.
As a CDFATM, Mr. Taylor helps individuals from all economic strata, not just those with significant financial assets. People who are going through a divorce without an attorney, or as a “self-represented party,” will benefit from the services of a CDFATM who will look at their proposed financial settlement agreement. From helping to complete the court mandated financial forms to looking into various financial futures, the CDFATM helps the divorce process to be a little less intimidating.
Mr. Taylor is not an attorney and does not provide legal advice, (though he can readily arrange for limited legal consultations for his clients with attorneys that he works with). From questions having to do with which tax filing status do I use after the divorce to how can retirement plans best be divided, Mr. Taylor provides these answers to his clients.
Mr. Taylor has worked with numerous couples and individuals during their divorces; from those with little or no financial assets to those with significant assets. He has worked with couples in mediation and for individuals who are in litigation. Mr. Taylor works with individuals who want a financial expert to look at their settlements as well as with attorneys and their clients.
All too frequently settlements look at a static financial picture, just the here and now. However, often there is a known event (say a mortgage rate increase with an ARM, or an anticipated retirement) that has a major impact on an individual’s financial well being. Without considering these types of events, which attorneys not trained in financial matters may not, the individual could find themselves facing an unexpected cash shortfall and/or tax liability, when at the time of the divorce all things “looked” to be fair. The individual needs to ensure that they have all the information needed to make the best decisions for themselves and their families. Having a CDFATM assist with the drafting of their divorce financial settlement can help to answer many questions, and perhaps raise some that they or their attorneys have not thought of before the divorce is finalized and their options are restricted or non-existent.