Coming Out of a Divorce With Financial Stability Can Be Done

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

Divorce is a life-altering decision that often comes with a rollercoaster of emotions and uncertainties. From the initial thoughts of separation to the final decision and its financial implications, the process can be overwhelming. However, with careful planning and support, it is possible to emerge from the experience with a sense of financial security. In this blog, we will explore the journey of contemplating divorce, becoming certain of the decision, and working with a Certified Divorce Financial Analyst (CDFA®) to ensure a stable financial future.

The Contemplation Stage

The journey of divorce often begins with feelings of discontent and dissatisfaction in a marriage. During this contemplation stage, individuals may experience a mix of emotions, ranging from sadness and confusion to anger and frustration. It is essential to take time for introspection and evaluate the reasons behind these emotions. Seeking professional guidance from therapists or marriage counselors can be beneficial in exploring potential solutions and uncovering the core issues in the relationship.

The Decision Stage

As the contemplation stage progresses, you may reach a point where the decision to pursue a divorce becomes clearer. This stage is characterized by increased certainty and acceptance of the fact that ending the marriage is the right path forward. It is crucial to have open and honest communication with your partner about your feelings, as they may also be experiencing similar emotions.

Seeking Support

During the decision stage, surrounding yourself with a supportive network of family and friends can provide much-needed emotional strength. Additionally, consulting with a divorce support group can help you connect with others who are going through or have been through a similar process. Their experiences and insights can prove invaluable during this challenging time.

Working with a CDFA

Once the decision to proceed with the divorce is made, engaging the services of a CDFA® can significantly impact your financial stability. A CDFA is a financial professional with specialized training in divorce-related financial matters. Their role is to provide guidance and analysis to help you understand the financial implications of your divorce settlement options.

Organizing Finances

At the onset of the divorce process, gathering all financial documents and organizing them is crucial. This includes records of assets, debts, income, expenses, investments, and retirement accounts. A CDFA® can assist you in creating a comprehensive financial inventory, which will be the foundation for your future financial decisions.

Analyzing Settlement Options

During divorce negotiations, various settlement options will be presented. It is essential to carefully assess each option with the help of your CDFA®, taking into account both short-term and long-term financial impacts. Considerations such as child custody arrangements, spousal support, and property division should all be carefully evaluated.

Ensuring Long-Term Financial Security

A CDFA can also help you project your financial situation into the future, accounting for inflation, changing tax laws, and life events. This projection will assist in determining the sufficiency of your financial resources to support your desired lifestyle after the divorce is finalized.

Post-Divorce Financial Planning

After the divorce is finalized, it is vital to continue working with your financial planner to execute your financial plan effectively. This might involve adjusting your investment strategy, creating a budget, and planning for retirement and other financial goals. Afterall, the goal is to not only get to your divorce date, but through the rest of your financial life! A solid financial plan coming out of a divorce is the best result you can ask for.

The journey from contemplating divorce to achieving financial security can be challenging, but it is not insurmountable. Surrounding yourself with a strong support network and enlisting the expertise of a CDFA® will help you navigate this life-altering process more smoothly.

Remember, with careful planning and a clear focus on your long-term financial well-being, you can emerge from divorce with newfound strength and stability.

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

You might think the topics to consider during the divorce process are pretty much the same for all couples.

You would be wrong.

While many of the legal issues surrounding divorce are similar, there are some special financial circumstances that can arise in LGBTQ+ divorces. Here are some important things to keep in mind:

Marriage Equality

Marriage equality is still a relatively new concept, and many LGBTQ+ couples who were together before it became legal may not have gotten married until later in life. This can create unique financial issues during divorce, as there may be assets that were acquired before the marriage was recognized. You may want to work with someone who can handle property tracing of those assets like a forensic accountant or a Certified Divorce Financial Analyst (CDFA®),

Estate Planning

Estate planning is critical for everyone, but it is especially important for LGBTQ+ couples who may not have the same legal protections as heterosexual couples. In the event of a divorce, it is important to update estate planning documents to reflect the new reality of the situation. In fact, whether getting divorced or not, it’s a good idea to review the beneficiaries on your accounts periodically.

Retirement Benefits

Many LGBTQ+ couples have unique retirement benefits that may be affected by a divorce. For example, if one partner was a federal employee and the other partner was covered under their retirement plan, the non-federal partner may be entitled to a portion of those benefits. This may be the biggest asset to discuss during settlement negotiations.

Health Insurance

Health insurance can be a significant expense, and many LGBTQ+ couples rely on one partner’s insurance to cover both spouses. In the event of a divorce, it is important to consider how health insurance will be handled going forward.

Business Ownership

For those in the LGBTQ+ community who own a business, a divorce can be particularly challenging. It may be necessary to value the business and divide its assets during the divorce, which can be a complicated and time-consuming process. Not to mention expensive! However, if it needs to be done, spending the money on a good forensic accountant could be well worth it.

Alimony and Child Support

Alimony and child support are two financial considerations that can be particularly complicated in LGBTQ+ divorces. These payments may be calculated differently than in heterosexual divorces, depending on the state in which the couple lives.

It is important to work with someone who understands the unique financial circumstances of LGBTQ+ divorces. By doing so, you can ensure that your rights are protected and that you receive a fair settlement that takes all of these factors into account.

Be sure to ask the right questions when searching for an attorney and consider working with a CDFA® when dealing with the finances if they are even remotely complicated.

The process will go a little easier when you surround yourself with the right professionals!

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

One of the most important aspects of divorce is the settlement agreement, which outlines the terms of the divorce and the division of assets and liabilities. However, how do you know if your divorce settlement is any good? Before your sign, here are some factors to consider:

Fairness

A good settlement agreement should be fair to both parties. This means that each spouse should receive a fair share of assets and liabilities based on their contribution to the marriage. It should also consider factors such as income, earning potential, and the needs of any children involved.

Future financial freedom

The agreement should also help work toward the financial independence of each party in the future. This includes factors such as spousal support, child support, and the division of assets such as retirement accounts and property.

Legal validity

Obviously, any agreement should be legally valid and enforceable. It should be reviewed and approved by a family law attorney to ensure that it meets all legal requirements and protects the interests of both parties.

Flexibility

A good settlement agreement should also be flexible enough to accommodate changes in the future. This includes provisions for modifications to support orders and child custody arrangements.

Emotional satisfaction

While not a legal requirement, emotional satisfaction is also an important factor to consider. A good settlement agreement should provide a sense of closure and enable both parties to move on with their lives.

If you are unsure if your settlement agreement is any good, it is important to seek the advice of a family law attorney regarding the legal issues at play and a Certified Divorce Financial Analyst (CDFA®) to have the financial details reviewed. They can review the agreement and provide guidance on whether it meets your needs and protects your interests. It is better to take the time to ensure that your settlement agreement is fair and equitable than to regret it later on.

Afterall, you only get one shot at getting it right!

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

Divorce can be a messy process, especially when it comes to dividing assets. However, it is important to ensure that all assets are accounted for during the divorce proceedings to prevent any misunderstandings or legal issues down the road. A Certified Divorce Financial Analyst (CDFA®) can be an invaluable asset during the divorce process, as they are trained to identify and value assets that could easily be overlooked. Here are five common ways assets can be overlooked during a divorce and how a CDFA® can help:

Business ownership

A spouse may own a business that generates a significant income, but it may not be listed on financial documents. This could be due to the other spouse not being involved in the business or not having been involved with the household budget during the marriage. A CDFA® can help locate and value past sources of income through research, the results of which could have a significant impact on the final settlement.

Hidden bank accounts

One spouse may have opened a separate bank account or transferred money to an account in someone else’s name to hide assets from the other spouse. This is especially true if the one spouse handled all the financials and has cut the other spouse’s access off to any marital assets. A CDFA® can help track down any hidden accounts and ensure that all financial assets are accounted for. And a word to the wise: If you are planning on hiding assets during the divorce, don’t! It only ends up costing you both more in the end to have it found.

Stock options

Stock options can be easily overlooked, but they can be a highly valuable asset in a divorce settlement. A CDFA® can help identify any stock options and determine their value, so they can be included in the final settlement. This is not something you want an attorney to handle! Remember, they are your legal representative, not your financial advisor!

Retirement accounts

Retirement accounts such as pensions, 401(k)s, and IRAs can be difficult to value and divide during a divorce. A CDFA® can help identify all retirement accounts, determine their value, and ensure they are divided fairly. This is especially important when trying to determine which assets are in your best interest to keep.

Digital assets

With the rise of cryptocurrency, it is important to ensure that all digital assets are accounted for during a divorce. If your attorney hasn’t at least inquired about crypto during the discovery process, get a new one! You need legal help who understands that today’s financial climate includes cryptocurrency, and it needs to be talked about. A CDFA® can help identify any digital assets and ensure they are valued and divided properly.

A CDFA® can be an essential resource during a divorce to help ensure that all assets are accounted for and divided fairly. By working with a CDFA®, both parties can be confident that they are receiving a fair settlement and can move forward with their lives.

Remember, this is your divorce, and you are in control of how it goes. Make sure you have the right people on your team!

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

While divorce attorneys can provide guidance on legal issues such as marital and child support, visitation rights and custody issues, they are not financial advisors, and their advice may not always be in your best financial interest. In addition to the legal aspects of divorce, there are also financial considerations that need to be addressed during this process that could have far-reaching implications for your financial future. A Certified Divorce Financial Analyst (CDFA®) can be a valuable resource in this area and help you find peace about this portion of the process.

The role of a CDFA®

A CDFA® is a professional who specializes in the financial issues of divorce. They can help you understand the financial implications of different divorce settlements and help you make informed decisions about how to divide assets and debts. Some of the services a CDFA® can provide include:

Financial analysis
A CDFA® can analyze your financial situation and provide information on how different divorce settlements may affect your financial future.

Asset division
A CDFA® can help you understand the tax implications of different asset division scenarios that help you negotiate a fair settlement.

Debt division
A CDFA® can help you understand your rights and responsibilities when it comes to dividing debts and liabilities.

Retirement planning
A CDFA® can help you understand the impact of divorce on your retirement savings and help you create a plan for the future.

The risks of relying solely on a divorce attorney for financial advice

While divorce attorneys are experts in the legal aspects of divorce, they may not be trained in financial analysis. This can lead to a number of problems, including:

Lack of understanding
A divorce attorney may not fully understand the financial implications of different settlement options, which can lead to decisions that are not in your best financial interest.

Missed opportunities
A divorce attorney may not be aware of all the financial options available to you, which can result in missed opportunities to negotiate a better settlement.

Overreliance on legal advice
By relying solely on legal advice, you may miss out on valuable financial guidance that could help you make better decisions about your future.

Why a CDFA®is a valuable resource

A CDFA® can provide specialized financial advice that complements the legal advice provided by your divorce attorney. By working with a CDFA®, you can have a better understanding of your financial situation and the implications of different settlement options. This can help you make more informed decisions about your future and ensure that your financial interests are protected during the divorce process.

It’s important to have the right professionals on your side. While divorce attorneys can provide valuable legal advice, they may not be trained in financial analysis. By working with a CDFA®, you can have access to specialized financial advice that can help you make informed decisions about your future. By understanding the role of a CDFA®, you can ensure that you are getting suitable advice during your divorce.

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

The divorce process can be challenging and emotionally charged, not to mention very expensive! It is natural to want to save money and time by using a DIY approach, but you need to be very careful when attempting to pull it off. Going through a divorce without the help of experienced professionals can be risky and lead to serious consequences. Here are some of the dangers of do-it-yourself divorce:

Inadequate legal knowledge

Divorce involves a complex legal process, and attempting to navigate it without proper legal knowledge can be dangerous. An experienced divorce attorney can help you understand your rights and obligations, ensure that your interests are protected, and advise you on the best course of action. Make sure you work with someone who is willing to take the time to understand your situation and focus on what is best for you.

Incorrect or incomplete paperwork

Filing incorrect or incomplete paperwork can delay the divorce process, leading to additional stress and legal fees. Don’t use internet templates since each state has its own rules and regulations! Divorce isn’t for dummies … so don’t be one!

Failure to consider all relevant issues

A DIY divorce may overlook important issues such as property division, spousal support, and child custody. Working with a Certified Divorce Financial Analyst (CDFA®) can help you identify and address all relevant issues, ensuring that your rights and interests are protected.

Potential for costly financial mistakes

Mistakes made during a DIY divorce can be costly and have long-term consequences. A CDFA® can help you avoid costly mistakes and ensure that the divorce process is completed as smoothly and efficiently as possible. They’ll help you understand which settlement options are best for your financial future and how to put a plan into action for the long term.

Emotional stress

Divorce is an emotionally charged process, and attempting to navigate it alone can be overwhelming. An experienced, quality therapist can provide support and guidance during this difficult time, helping to alleviate some of the emotional stress associated with divorce. It’s not something you’ve faced previously and there is no shame in reaching out for help when you need it.

Attempting a DIY divorce may seem like an attractive option, but it can lead to serious consequences. Make sure you enlist the help of experienced professionals who can provide the knowledge and support necessary to navigate the complex legal process and achieve a fair and equitable outcome. If you are considering a divorce, it is crucial to consult with the right people to ensure that your interests are protected.

Make sure your only shot at getting this right isn’t wasted!

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

It’s easy to feel like you’ve lost control of your life when you’re going through a divorce, but it’s important to remember that you are still in control of the process. Here are some tips to help you remain in control during the divorce process:

Be informed

Knowledge is power! The more you know about the divorce process, the more in control you will feel. Research the divorce laws in your state, consult with legal professionals, and familiarize yourself with the various options for settling your divorce. You’ll need to get up to speed quickly … especially when it comes to your finances! Working with a Certified Divorce Financial Analyst (CDFA®) can be a great way to make sure nothing gets missed.

Prioritize your needs

During the divorce process, it’s important to prioritize your own needs and those of your children rather than getting caught up in the emotions of the situation. Make a list of your top priorities and focus on achieving those goals.

Set boundaries

During a divorce, it’s easy for emotions to run high. Set boundaries with your ex-spouse and communicate clearly and calmly about what you need and expect from them during the process. Setting the rules of engagement early will help you maintain control of the situation if things get heated.

Stay organized

Keeping track of all the documents, appointments, and deadlines involved in a divorce can be overwhelming. Keep a detailed calendar and folder for all of your divorce-related paperwork to stay organized and feel in control. Make sure you know where things are and have a system for keeping track of them!

Consider alternative dispute resolution

If you and your ex-spouse are willing to work together, consider using alternative dispute resolution methods such as mediation or collaborative divorce. These methods can give you more control over the outcome of your divorce and allow you to work together to find solutions that work for everyone.

Take care of yourself

Divorce can be emotionally draining so it’s important to take care of yourself during the process. Take time to exercise, eat well, and spend time with friends and family who support you. This will help you stay focused and in control.

Seek professional help

If you’re struggling to stay in control during your divorce, don’t be afraid to seek professional help. Consider seeing a therapist who can help you navigate the emotional and practical challenges of the divorce process. An attorney who actually listens to you can be a great resource while a CDFA® will help you understand the financial impact of your settlement with an eye on your financial stability.

It’s important to remember that you are in control of your divorce process. By staying organized and relying on the right professionals, you can remain in control and come out of the process with a positive outcome. Don’t get beaten down by the system and focus on what you know to be the best thing for you!

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

Military divorces can be complicated, especially when it comes to dividing benefits. Military families often have unique benefits that civilians do not have access to, such as military pensions, health insurance, and survivor benefits. These benefits are considered assets and may be subject to division during the divorce process.

As we all know, the government is special! Therefore, they have their own special rules, their own special paperwork and their own special processes for getting things done.

If you or your spouse is a service member, it is critical to understand the implications of military benefits and how they will be divided during the divorce process. Here are some things to keep in mind:

Jurisdiction

One of the first things to consider is which state has jurisdiction over your divorce. In most cases, you will file for divorce in the state where you or your spouse is currently residing. However, if one of you is a service member, you may have the option to file in the state where the service member is stationed. This is important because different states have different laws regarding the division of military benefits.

Military Pension

One of the most valuable benefits of military service is the military pension. Military pensions are considered marital property and may be subject to division during the divorce. The Uniformed Services Former Spouses’ Protection Act (USFSPA) allows states to divide military pensions as marital property. This means that the non-military spouse may be entitled to a portion of the pension. Make sure you get your fair share of the benefit! Even if you didn’t serve, you supported someone who did. Don’t ever forget that!

Survivor Benefits

Military families have access to survivor benefits, which provide financial support to surviving spouses after the service member’s death. These benefits may also be subject to division during divorce. It is important to consider survivor benefits when negotiating a divorce settlement, especially if the non-military spouse will be relying on these benefits for financial support.

Health Insurance

Military families have access to affordable health insurance through TRICARE. After divorce, the non-military spouse may be eligible to continue receiving health insurance benefits through the Continued Health Care Benefit Program (CHCBP) for up to 36 months. This program allows the non-military spouse to continue receiving health insurance coverage at a reduced rate. This can be a tremendous help if you are trying to get back on your feet.

Child Support and Alimony

Military service may also affect child support and alimony payments. For example, military service may result in additional income through bonuses and allowances. It is important to work with an experienced professional, like a Certified Divorce Financial Analyst (CDFA®), to ensure that child support and alimony payments are calculated correctly and fairly.

Divorcing as a military family can be quite complex. Like everything else military related, it’s not the same as being a civilian. It is important to work with someone who has experience with military divorces and understands the unique challenges that military families face. With the help of a CDFA®, you can navigate the divorce process with confidence and strengthen your financial interests.

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

Going through a divorce is a drag. It’s easy to get caught up in the negative emotions and feel like your world is falling apart. However, it’s important to remember that you are not alone and that there are reasons to be hopeful and optimistic about your future. Here are nine reasons why you’re going to be okay after your divorce:

You have the opportunity to start fresh

Divorce can be a chance for you to start over and create the life that you want. You can focus on your own goals and priorities, without having to compromise for someone else. It really can be a new beginning!

You will learn more about yourself

Going through a divorce can help you better understand who you are and what you want in life. You may discover new hobbies or interests, or find that you’re more resilient and capable than you ever thought.

You can create new, positive relationships

Divorce can be an opportunity to surround yourself with positive and supportive people who will help you through the transition. You may also meet new friends and partners who share your interests and values.

You can prioritize your own self-care

During a divorce, it’s important to take care of yourself both physically and emotionally. You may find that taking time to exercise, eat well, and practice mindfulness can help you feel better.

You may experience personal growth

Going through a difficult time can be a catalyst for personal growth and transformation. You may develop new skills or qualities, such as resilience or compassion, that will benefit you in the long run.

You can rediscover your independence

If you’ve been in a long-term relationship, it can be easy to lose sight of your own independence. After a divorce, you may find that you’re able to take charge of your life and make decisions on your own terms.

You have the opportunity to pursue new opportunities

Divorce can open up new opportunities for you, whether it’s a new job or a new location. You can focus on your own goals and aspirations, without having to consider someone else’s needs.

You will learn to trust yourself

Going through a divorce can be a test of your own instincts and decision-making abilities. You may find that you’re able to trust yourself more and rely less on others for validation.

You can create a new, positive future

Ultimately, going through a divorce can be the beginning of a new and positive chapter in your life. You have the power to create the life you want, with new experiences, relationships, and opportunities.

While divorce can be hard, it’s important to remember that it doesn’t have to define your life. You have the ability to create a new and positive future by hitting the reset button and moving forward with confidence and hope for the future.

If you lean into it, you can truly transform your life!

By Duncan E. White, Owner
Inkpointe Divorce Solutions, LLC

Divorce is a hard enough process. Don’t make it harder by arguing over assets when no one in the room is a trained financial professional. It’s a waste of time for everyone involved! The financial aspects of divorce can be especially complicated and have a long-lasting impact on both parties’ financial futures. For this reason, it is critical that a divorce attorney consults with a Certified Divorce Financial Analyst (CDFA®) to ensure the client’s financial interests are protected throughout the divorce process.
Here are a few reasons why:

Trained financial professionals

A CDFA® is specially trained to provide financial guidance during divorce proceedings. They can help a divorce attorney navigate complex financial issues such as property division, spousal support, child support, tax implications, and retirement assets.

Identify and value assets

A CDFA® can help identify and value all assets, including those that may be hidden or difficult to value. This includes assets such as stock options, deferred compensation, and retirement accounts. They can also provide guidance on dividing assets fairly, taking into account tax implications and long-term financial goals.

Help avoid financial mistakes

Probably the most important help a CDFA® can offer to a divorce attorney is to help them avoid errors during the division of assets. During the divorce process, emotions can run high, and important financial decisions may be made impulsively. A CDFA® can help both parties avoid costly mistakes by providing independent financial advice.

Future financial planning

Divorce will most likely have a significant impact on both parties’ financial futures. A CDFA® can help develop a post-divorce financial plan that considers each party’s unique financial situation, including assets, liabilities, and income. They can also help to anticipate future financial needs and plan accordingly.

Divorce attorneys should always consult with a CDFA® to ensure their client’s financial interests are addressed. Their training can be invaluable during the negotiation process and while dividing assets. By working together, a divorce attorney and a CDFA® can seek to ensure the client’s future financial freedom.