How can a CFP®/CDFA assist you with divorce cases?
During a divorce, your client may be asked to make irrevocable decisions during a time of emotional turmoil. At the same time, you may feel uncomfortable when providing specific financial advice or analyzing the long-term financial impact of alternate proposed settlements.
Angel McCall is certified by the Institute of Certified Financial Divorce Analysts after completing extensive training. She has obligations for ongoing continuing education and to follow the CDFA® Code of Ethics.
During the divorce process, Angel provides:
- Confidence that you are making the best recommendations for your client and relieve you of sole responsibility and liability for proposing various settlements
- Evaluation of the long-term financial soundness of proposed settlements
- Advice as a “back-office” expert or retained by the client to advise him/her throughout the divorce process
- Client education on spending plans, social security and realistic after-tax maintenance and asset values
- Client understanding of the financial impact of various options presented and the choices they make. As a CDFA®, Lifetime Financial Strategies evaluates the financial position of the marriage taking the numbers provided by the client and shows results of various scenarios based on certain assumptions
- Pension/retirement plan information acquisition. Angel can prepare most QDROs before Permanent Orders assuring completion of this critical task for which attorneys often to not provide follow-up.
During litigation, Angel provides:
- A court-qualified financial expert ready to testify, adding clout to the settlement proposal
- A reduction in overall expenses by encouraging a settlement out of the courtroom.
After permanent orders, Angel offers your client:
- Implementation assistance with property and QDRO transfers
- Ongoing financial planning and advisory services
- Periodic financial checkups, allowing the client a smoother transition into this new phase of their lives without the stress of trying to do everything alone
Some attorneys think that hiring another professional just adds an extra layer of expenses...
If you come up with a proposed settlement alone, the opposing attorney may lean toward disputing such a settlement. However, when the very same proposal is developed with assistance from a CDFA®:
- The other attorney may give more credence to the proposed settlement
- The have a more cost-efficient process, thereby potentially lowering expenses for both spouses and ultimately maximizing their wealth and increasing their long-term financial security
- Calculations and proposals developed by Angel can make or save money for your client in the future.
If you are a mediator or attending mediation, Lifetime Financial Strategies:
- Can support the mediator, one spouse, or both spouses
- Acts as a resource to address the financial and tax issues of divorce settlements, child support, and maintenance
- Educates clients and acts as an advocate to help them understand financial terms, the implications of proposed settlements, their long-term financial outlook, and how to implement a settlement
- Can act as a financial neutral during the mediation process, helping everyone gain an understanding of all the financial documents and issues.
Benefits to having Angel McCall on your team:
- She allows you to concentrate on the legal issues; the very reason you became a legal professional in the first place
- You spend time doing those things you enjoy doing and have a passion for. If you don’t have an interest in certain areas, or don't have complete training or current knowledge to deal with certain areas competently, outsource these tasks to Angel
- It’s a win-win situation for you and your client
Caution: There are CDFA®s who are not Certified Financial Planners™. They may lack the complete financial knowledge needed to competently manage divorce cases.
Lastly, clients often call Lifetime Financial Strategies before retaining an attorney. Angel has the opportunity to make referrals to competent, caring attorneys who believe in a team approach. Please call me to discuss how Lifetime Financial Strategies can be a resource to you and your clients.