May 17 2024

Navigating Your Divorce With Key Resources

Divorce can be one of the toughest life events you could experience – before, during, and after. So it’s understandable that you might feel overwhelmed and uncertain about your financial future. You might find that you’re suddenly responsible for all the money decisions. I want you to know that there’s expert help available when you need reinforcement throughout, and even after, the process. We’ve just partnered with a wonderful female-owned company called Phoenix Financial Advocates. Phoenix’s mission is to provide concierge divorce support, which includes helping with paperwork, planning, and settlement analysis.

It Can Feel Like a Full-Time Job

Phoenix co-founder and Certified Divorce Financial Analyst, Courtney Lutz McLellan’s clients often tell her that managing the complexity that comes with divorce is like having a full-time job. The process can become even more challenging as you transition into your new life. For most people, it’s their first time navigating through a divorce and there are so many unanswered questions about what to expect going forward, not the least of which are the potential costs involved. Where do you start?

Working With an Attorney

Your financial picture may seem confusing. Financial assets can include everything from cash to retirement accounts, investments, real estate, and possibly equity in a business. Then there’s the question of outstanding debt – a mortgage, car loan, or student debt. You might consider consulting with a Certified Divorce Financial Analyst (CDFA®). This is an expert who understands the intricate and detailed world of divorce finances. Throughout all stages of the divorce process, an experienced CDFA can offer you invaluable support. You can tap into their expertise for comprehensive financial planning. These advisors thoughtfully walk you through each financial complexity. A CDFA is your financial advocate from separation through the settlement process, and many continue the relationship to become your ongoing financial advisor. They’re familiar with the legal, economic, and tax implications that result in a fair distribution of assets and can stay with you long after your divorce to help you financially thrive post-divorce.

So How Do Financial Advisors Help?

  • Identify and project accurate values of all assets
  • Help you find and divide assets efficiently to avoid expensive mistakes
  • Assist you in managing your bills, credit, and debt responsibilities effectively
  • Untangle shared accounts and update your beneficiaries
  • Build a budget for your divorce and post-divorce life
  • Provide ongoing, expert financial guidance including financial life planning, tax-efficient asset management, and ongoing support for financial peace of mind

Life after divorce can be stressful. A Certified Divorce Financial Analyst can provide you with the invaluable financial guidance that you need to relieve you of some of that stress. While attorneys are experts on legal issues, divorce financial advisors are focused on your finances and can often discover ways to improve your financial position. In addition, a financial advisor is often less expensive per hour than your legal team.

If you’re looking for more support, especially around financial decisions,  I encourage you to reach out to Phoenix Financial Advocates and consult an experienced, fee-only fiduciary advisor from our Wealthramp network. Take our brief survey, and Wealthramp will help you find a financial advisor, with pre and post-divorce financial planning expertise that meets your unique needs.  

If you’re thinking about working with a financial advisor,
Wealthramp is here to help.
Get matched and schedule your free meeting today!

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