Avoid financial pitfalls during and after your divorce
At West Coast Family Mediation Center, our mediators are trained as Certified Divorce Financial Analysts (CDFA™). We provide divorce financial mediation and analysis that can save you time, money, avoid long-term financial liabilities, prevent post-divorce financial struggles, and provide you with better understanding about the divorce process in general.
Save time by conducting an analysis of your financial situation
The average length of the divorce process in California is 15 months. In the beginning stages of the process, both parties generally spend a lot of time trying to get a clear understanding of the financial aspects of the separation. As your CDFA™, we will explain all of the unfamiliar terminology and financial matters surrounding any pending decisions. This will help empower you to make educated financial decisions throughout the proceedings.
Save money on your divorce
As part of the financial analysis process, we will educate you so that you understand the often complicated financial decisions surrounding a divorce. This knowledge will provide you with a clear picture of your future financial needs, which is vital when moving forward after dissolution. If you do not work with a CDFA™, your legal settlement might simply continue to pass back and forth between your attorneys without you ever attaining a clear understanding of the financial ramifications of your decisions. This can be time consuming, expensive, and detrimental to everyone involved.
Avoid long-term financial issues related to divorce agreements
Whether you choose mediation or to work with an attorney, as your CDFA™, we can forecast the effects of the marital settlement agreement. This includes details of all tax liabilities and benefits. Developing a long-term forecast for your financial situation is as important as a short-term snapshot. Financial decisions must be made to address your immediate family needs, long-term goals, and your future retirement needs.
Prevent post-divorce financial struggles
As part of the financial analysis, we will help you determine what your divorce will cost in the long run and develop a realistic monthly budget. We take all finances into consideration, including things that may not have occurred to you, such as life insurance, health insurance, tax implications, and cost of living increases. As divorce financial professionals, we are familiar with all of the financial elements that must be examined before agreeing on a final financial settlement.
Alleviate anxiety and reduce misunderstandings
Misinformation and misconceptions about the divorce process are common, and they can be detrimental to you and your whole family. Many people mistakenly believe that after their divorce, they can continue to live the same way they did during marriage, but this is often not the case. It is crucial that you properly analyze your current income along with your financial needs to ensure you are setting yourself up for success post-divorce. As your CDFA™, we can provide you with a sound financial divorce analysis that will help ensure a stable economic future.
By Amanda Singer In the Covid-19 relief legislation signed by President Biden on March 11th in addition to the stimulus checks that most eligible Americans have probably already received the legislation also increased the child tax credit. The 2021 child … Read More