Moving Out During Divorce
Relocating, for whatever reason, is complicated enough as it is. However, the steps you take and the choices you make, when moving...
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There are times when a couple has decided that divorce is the best decision for them, but the divorce is on friendly terms. Couples may hire a CDFA professional as a financial neutral to help them evaluate their financial life and help them through not only the process of divorce, but of carefully splitting their financial life to support the individuals instead of the couple. The process of divorce financial planning is then applied to the couple as they carefully separate their lives and maintain financial stability for both individuals going forward. We evaluate the joint income and expenses and determine how the current income will be utilized for the expenses.
We delve deeply into the following:
Do both parties work, and is the income enough or will support be needed for one party?
If one party stays home with the kids, is that still a viable plan, or do they need to go back into the workforce?
Two households will have to be supported going forward, what expenses will be added, subtracted or changed?
Will one party keep the house, or will you sell?
How are the investments or retirement accounts to be divided?
Are there pensions, and how are they handled in divorce?
What creative settlements can be done to bridge an income gap in the short-term so that both parties can eventually support themselves?
When acting as a financial neutral, your CDFA has the freedom to look for ways to help both parties be financially successful. A good settlement will create the stability you need to move forward with confidence.