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Divorce Financial Analysis & Planning
We help you avoid financial surprises and plan for a smart divorce.
Meyers Financial founder and president, Lillian Meyers, has over 25 years of experience and an undying passion for helping people reach smart solutions and avoid common financial pitfalls during divorce.
Divorce is not a happy time, but unfortunately, it does happen. If you’re dealing with the end of a marriage, consider these issues to protect yourself from major financial obstacles and liabilities.
Dos
Retirement planning
Look into your IRAs and pension plans to see whether you will have sufficient funds to retire. Change your beneficiary designations. If you transfer your interest in an IRA to your ex, make sure it’s done correctly to avoid extra taxes and penalties. More on Retirement planning >
Estate planning
Amend your will to remove your former spouse as a beneficiary. Establish trusts for your children to prevent your ex or his or her new spouse from controlling the assets you want to leave to your children. More on Estate planning >
Insurance planning
Shore up your life insurance, health insurance, and long term care coverage. Purchase new, additional, or COBRA coverage for yourself and any dependents. Update your designated beneficiaries on your life insurance policies.
Property issues
If you end up with the marital home, you will need to get the deed re-titled. But a big concern is whether you should keep the house at all. Taxes and maintenance can be prohibitive. Selling the home, although hard, can provide you with an emotional clean slate, as well as an investable nest egg and a cushion to pay expenses.
Standard of living
Your income may decline significantly with the lack of a second salary, and especially if you are responsible for alimony or child support. Take a long, hard look at your spending habits and expenses, and be prepared to live on a budget.
College planning for children
Establish a way to ensure that the funds for college are maintained and that they provide sufficient monies for room, books and board.
Joint liabilities
Know the extent of your joint marital credit and liabilities and separate yourself from them as soon as possible. Get your credit report as early as you can. Establish your own credit and bank accounts. Three months after your divorce is finalized, check your credit report again to make sure you're not still financially attached.
Carefully consider all of your options. Never act in haste or emotionally, and never sign any legal document unless you know exactly what it means. You may find it helpful to have an outside financial professional who can look at the situation objectively to help with your decision-making.
Financial Lillian Meyers is a
Certified Divorce Financial Analyst
What is a CDFA?
A member of the Institute for Divorce Financial Analysts - IDFA, specializes in the financial issues surrounding divorce. The role of the Certified Divorce Financial Analyst - CDFA, includes acting as an adviser to one party's divorce lawyer, or as a mediator for both parties. A CDFA uses his or her knowledge of tax law, asset distribution, and short- and long-term financial planning to achieve an equitable settlement.
To become a CDFA:
A person must have two years of financial planning or legal experience.
After attaining the proper work experience, candidates are required to complete a four-step modular program and exam designed by the IDFA. The program covers financial and tax issues with case studies of divorce settlements.
In a divorce, we analyze your assets for the short-term and long-term impact on a division of property.
Who we work with
Meyers Financial provides divorce financial analysis for individuals and families, as well as business owners – specifically family-owned businesses going through divorce.
For more information on our Divorce Planning services, how the process works and recommended resources, visit our Divorce Planning website.
Coming Up!
Join
us for our next wealth management session on "Estate Planning: Dos and Don'ts." February 23, 2012 from 12:00-1:30pm. Oakmont, CA. Lunch provided!
Meyers Financial supports Chemo Caps for Kids,
a Commonwealth Financial Network program that provides hand-knit hats to children undergoing cancer treatment.
"Do what you feel in your heart to be right - for you'll be criticized anyway. You'll be damned if you do, and damned if you don't."
- Eleanor Roosevelt
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