Your divorce may be the single largest financial decision you will ever make.
More often than not divorce is emotionally challenging and chaotic. Some of the biggest financial decisions of your life happen during divorce.
Are you facing the overwhelming task of how to divide your marital income, savings, investments and debt in a manner that provides the most favorable outcome for your future? It will effectively require consideration of the immediate impact of such decisions and the longer-term projections. This is precisely why a Certified Divorce Financial Analyst™ or Chartered Divorce Financial Specialist is crucial to any divorce and where Empowered Divorce Solutions can assist you the most.
Outside of divorce, very few individuals would consider asking a lawyer or mediator for advice with their financial matters. Yet, divorcing couples continue to leave life-changing financial decisions in the hands of family law professionals and the court.
Whether you are pursuing divorce mediation, collaborative or litigated divorce, Empowered Divorce Solutions can help you avoid financial mistakes and arrive at a creative and equitable settlement.
Will you be financially secure after your divorce?
Empowered Divorce Solutions works with individuals and couples to understand how the combination of income, property division and spousal & child support will affect you post-divorce. Through financial analysis and custom designed tools, we bring financial clarity and structure to a process often clouded by emotion, haste and misinformation.
Eliminate the guess-work and subjectivity surrounding divorce. Contact Empowered Divorce Solutions and start making well-informed choices.
Divorce Consulting Overview
Empowered Divorce Solutions prepares a detailed summary of your marital financial picture and presents a comprehensive report that illustrates your projected financial outcome in each settlement alternative. We review multiple scenarios side-by-side, allowing you to arrive at the optimal agreement. Our work will save you time and money allowing you to move ahead with confidence and clarity.
Here are some of issues we can help you with:
- Keep or sell the marital home
- Impact on cash-flow if property is sold in the future
- Determine what is personal property versus marital property
- Value assets and divide them equitably
- Understand the importance of retirement accounts
- Forecast spousal and child support needs
- Find solutions to potential tax problems
- Address short-term needs with the least impact on long-term finances
- How best to divide retirement accounts (pension plans, stock options, RRSPs)
- Optimize the division of marital debt
Seeking guidance from Empowered Divorce Solutions?
Guidance prior to filing for divorce is a wise choice. Empowered Divorce Solutions adds value at every step of the process, legal, financial and emotional. Whether you are considering or are in the midst of a difficult divorce settlement, we provide educated objective divorce financial analysis and advice that results in saved money, legal fees and stress.
Before – During – After
Empowered Divorce Solutions will work with your lawyer or mediator and tax professional to help you make better financial decisions before, during and after divorce.
Divorce Financial Planning Process
Divorce is a multi-step process. A Certified Divorce Financial Analyst™ or Chartered Financial Divorce Specialist is the best resource for informed guidance at each step in the process.
1. Pre-Divorce Financial Review
It is essential to understand the financial implications of your divorce. At this stage we review your current family financial situation. Together we will look at assets, debts, income and expenses, then discuss any pre-marital property and review your current mortgage. Next determine if an actuarial report on pension assets or business valuation is required and consider the selling or re-financing of the matrimonial home.
Empowered Divorce Solutions helps you organize and compile your data.
2. Short and Long-Term Financial Planning
Planning for the future is an essential part of every divorce settlement. Typically, if financial planning takes place at all, it’s after the divorce, when financial planners help individuals take stock of their finances and move forward. Divorce financial planning, however, takes place at the start of the process.
We show clients the short and long-term financial impact of proposed divorce settlements, integrating the methodology of financial planning directly into the divorce process. Empowered Divorce Solutions also factors in valuable information on financial issues that relate to divorce, like tax consequences, dividing pension plans, continued health care coverage, stock option elections and much more.
Empowered Divorce Solutions shows you the long-term impact of your settlement.
3. Divorce Settlement Analysis
Your Marriage Contract will now be replaced with a new contract, a Separation Agreement. At this stage you and your spouse negotiate various options with the assistance of lawyers or mediator and a financial specialist.
Empowered Divorce Solutions brings clarity to your negotiation table.
4. Post-Divorce Financial Management
Separation Agreement in hand you can now begin your new life. For many, this is a scary time as they are faced managing everything on their own. Everyday finances must be managed, pensions and RRSPs need to be transferred, mortgages need to be negotiated, taxes need to be done and sent to the CRA. The retirement plan and estate plan that you had in your marriage are no longer relevant.
Empowered Divorce Solutions helps with all of those issues and gets you on the road to financial recovery.
Post Divorce Planning
A New Life – A New Financial Plan
You signed the settlement agreement but you’re not settled yet. Moving ahead involves creating a new Financial Plan to fit your new life. It means some basic steps, such as moving certain assets into your own name and arranging for a new or updated estate plan. It also involves setting new long-term objectives, reviewing insurance and tax strategies, and creating or revising savings plans.
The best time to move forward is now. With the right support and resources, you will manage with skill and self- assurance.
Life after divorce requires new and adjusted financial strategies to provide you with the stability you need.
Empowered Divorce Solutions provides Post-Divorce Financial Support:
- Support and educate on financial issues
- Assist in understanding your settlement agreement
- Transfer monetary assets and property
- Define new beneficiaries
- Prepare household cash-flow plans
- Annual re-calculation of child support
- Recommend proactive tax strategies
- Prepare annual tax return
- Provide new and adjusted financial plans including management of wealth, estate & retirement planning and cash flow management.