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How Does Divorce Financial Planning Work?

When preparing for divorce, there are many issues to think about and resolve – not the least of which is your finances. Whether you’re just beginning to explore your options or are ready to put a plan in motion for dividing finances during divorce, much of the success in the next chapter of your life hinges on the planning you do now.

Financial planning is important regardless of your stage in life. It’s even more important when you’re considering a divorce. 

How do I plan my divorce finances?

As you approach divorce, you may be asking yourself a number of money-related questions:

  • “Do I need to save more?”
  • “Will I have to go back to work?”
  • “What retirement options do I have?”

Working with a financial planner can help you answer these questions and more. At Hello Divorce, we don’t just offer affordable online divorce packages – we also offer a la carte services, including financial planning sessions with a certified divorce financial analyst (CDFA) who can evaluate your situation and give you targeted guidance. With CDFA guidance, you gain a clearer understanding of your financial position and what changes you may need to make.

What you get from a Hello Divorce CDFA

Here’s what you can expect from your Hello Divorce financial planning session:

  • Review and analysis of your assets, debts, income, and expenses
  • Help preparing or reviewing your financial disclosure (a required form in divorce)
  • Financial consulting services related to your marital settlement agreement
  • Advice about the tax implications of your divorce
  • An estimate of the value of your marital and separate property
  • Guidance on child support and spousal support, including tax implications
  • Help resolving financial disputes with your spouse
  • Guidance as you calculate your post-divorce budget

You have to be ready for this service, though, as it will feel invasive. To get the best help and advice, you must be completely honest and transparent with your advisor about all of your financial data.

For many people, this can be challenging. Some people consider financial information to be extremely private and don’t want to discuss it with anyone. You must trust that your financial planner has your best interests at heart. Their job is to comb through your finances, help you make the best decisions possible regarding your divorce assets, and set you up for success after your divorce is finalized. 

A divorce financial planner may also be able to help you uncover assets or money your spouse is trying to hide. 

Who can use Hello Divorce financial planning services?

Our service is for anyone getting a divorce. We recognize the abrupt and surprising financial challenges divorce can bring. When you’re married, you may have two incomes, and you may have developed certain spending habits courtesy of your combined marital income. When you’re divorced, however, it’s just you – which could mean you must not only change your habits but also become more structured with your finances.

For this reason, we encourage anyone considering or going through a divorce to take advantage of at least one consultation with a financial planner. The planner can help you gain a full picture of your financial situation and help you prepare a budget you can stick to.

Benefits of working with a financial planner

  • Divorce is not only a drastic change to your emotional life but also to your financial life. A financial planner helps you get your finances in order, both now and in the future.
  • Meeting with a financial advisor helps you feel confident about your decision to divorce. Your financial fears no longer hold you back or plague you with indecision.

A financial planning consultation can give you confidence that life will be okay after the divorce. 

At Hello Divorce, we don’t believe that anyone should have to stay in a marriage that’s not working. Know that you can support your needs by speaking with a financial planner today.