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. Having access to a qualified professional like Angel McCall, trained in the area of divorce financial analysis, can provide you with confidence that you are making the best recommendations for your client and relieve you of sole responsibility and liability for proposing various settlements. Allowing Lifetime Financial Strategies to educate your client on everything from spending plans to taxation of assets to the long-term financial soundness of proposed settlements, the client gains a much needed understanding of the financial impact of various choices they make or options presented.
Some attorneys believe that hiring another professional just adds an extra layer of expenses for the client. If you come up with a proposed settlement alone, the opposing attorney may lean toward disputing such a settlement. When the very same proposal is developed with assistance from a Certified Divorce Financial Analyst (CDFA™), the other attorney may give more credence to the proposed settlement. This can result in a more cost efficient process, thereby potentially lowering expenses for both spouses and ultimately maximizing their wealth and increasing their long-term financial security.
If the case appears to be headed toward litigation, having a financial expert ready to testify can add clout to the settlement proposal. The reality is that bringing a CDFA™ into the process can help reduce overall expenses by encouraging a settlement out of the courtroom.
If you are a mediator, Angel can support you alone, one spouse, or both spouses. She acts as a resource to address the financial and tax issues of divorce settlements, child support, and alimony. If one client is financially unsophisticated Angel can educate them or act 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. If needed, Angel can act as a financial neutral during the mediation process, helping everyone gain an understanding of all the financial documents and issues.
The following litigation, negotiation, and mediation support services are available to you and your client:
- Financial affidavit research and completion, including asset & pension valuation, cost basis research, and tax impact analysis (exemptions, credits, AMT issues, capital gains and loss carry-forwards)
- Research of historic spending patterns for current and future needs analysis
- Long-term analysis of proposed settlements and recommendations of alternate solutions, all in the name of providing your client the best long-term financial security and peace of mind
- Offer creative and alternative financial solutions to proposed settlements. Using the recent tax law changes and the latest thoughts and strategies in finance, I can often come up with solutions or alternatives tha may not normally be considered.
- Expert witness testimony for lifestyle issues, tax implications of alimony and child support, asset division, and most importantly the long-term financial impact of proposed settlements
- After the divorce I can offer implementation assistance, ongoing financial advisory services, or periodic financial checkups, allowing the client a smoother transition into this new phase of their lives without the stress of trying to do everything themselves.
The primary benefit to you for using these services is it allows you to concentrate on the legal issues; the very reason you became a legal professional in the first place. 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 those that are professionally trained and competent. It’s a win-win situation for you and your client.
Lastly, clients often call Lifetime Financial Strategies before retaining an attorney. We have the opportunity to make referrals to competent, caring family law 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.