Apr 21, 2022
Putting a team in place when going through a divorce
Many high achievers try to navigate everything on their own, including divorce. However, when surveyed, many people who went through a divorce, wish that they had hired more people to help them in the process. There are a range of professionals available to help depending on the complexity of the situation. This article provides an overview of some of the resources you, or your loved ones should consider, when going through a divorce.
Building a legal team
Many of the following professionals have an overlap in responsibilities, all are not likely needed:
Divorce attorney: Ensures all the legal requirements are met for the state to dissolve the marriage. May advise on tax, valuation, budget and other issues—reducing the number of professionals needed. It’s critical they have the right experience for the specific situation and is worth the time and investment to interview a few to find the best fit both in expertise and in demeanor.
Estate planning attorney: Addresses what happens if a party is incapacitated or passes away. They provide guidance on the titling of assets and estate planning documents during and post-divorce to ensure everything is in line with your wishes.
Certified Divorce Financial Analyst (CDFA®): Addresses the unique tax and financial issues of a divorce while analyzing the short- and long-term financial impact of different divorce settlements.
Certified Financial Planner (CFP®): Advises on overall financial health, budget and your plans for future goals. It is helpful if they are familiar with the unique issues of divorce.
Child Specialist: Assists in creating a parenting plan to help maintain the well-being of children involved in a divorce.
Other divorce professionals include CPAs, actuaries, certified appraisers, banker/mortgage broker/Certified Divorce Lending Professionals (CDLP), Insurance brokers, Certified Fraud Examiners (CFE), and private investigators.
Building a support network
Of course, sometimes the harder part of getting a divorce has little to do with the business side of things but rather the emotional aspects of it. It is helpful to have a good support network during a process that can often be an emotional roller coaster.
Therapist/Counselor: Most spouses and kids significantly benefit from working with a therapist experienced in divorce issues. Most important, however, is that you feel extremely comfortable talking to them.
Divorce coach: A growing number of people are hiring divorce coaches to help them to prioritize and get organized to make the best possible decisions for the future. A divorce coach works alongside the divorce attorney to support, focus and motivate during the tough times.
Friends and family: Although these people are not for hire, they can be an invaluable source of support during divorce. For a variety of reasons, telling close friends that you’re going through a divorce is a difficult thing. However, choosing a select group of friends and family members you can rely on for support, to vent to, or just grab a drink/coffee with is very important.
Asking for help is sometimes the hardest part of any difficulty in life and divorce has a ripple effect on the extended family and friends. CI Private Wealth is here to support you and anyone you care about. Contact your wealth manager for a list of Divorce Professional Interview Questions and other divorce resources.
ABOUT THE AUTHOR
BDF LLC is a private wealth management firm. We provide personalized investment management and financial planning. We manage approximately $5.9 billion in assets for business owners, women, individuals and families, and institutions.
We also have Practice Groups that specialize in the unique needs of:
- Financial Professionals
- Insurance Brokers and Agency Owners
This information is for educational purposes and is not intended to provide, and should not be relied upon for, accounting, legal, tax, insurance, or investment advice. This does not constitute an offer to provide any services, nor a solicitation to purchase securities. The contents are not intended to be advice tailored to any particular person or situation. We believe the information provided is accurate and reliable, but do not warrant it as to completeness or accuracy. This information may include opinions or forecasts, including investment strategies and economic and market conditions; however, there is no guarantee that such opinions or forecasts will prove to be correct, and they also may change without notice. We encourage you to speak with a qualified professional regarding your scenario and the then-current applicable laws and rules.
Different types of investments involve degrees of risk. Future performance of any investment or wealth management strategy, including those recommended by us, may not be profitable, suitable, or prove successful. Past performance is not indicative of future results. One cannot invest directly in an index or benchmark, and those do not reflect the deduction of various fees which would diminish results. Any index or benchmark performance figures are for comparison purposes only, and client account holdings will not directly correspond to any such data.
Our clients must, in writing, advise us of personal, financial, or investment objective changes and any restrictions desired on our services so that we may re-evaluate any previous recommendations and adjust our advisory services as needed. For current clients, please advise us immediately if you are not receiving monthly account statements from your custodian. We encourage you to compare your custodial statements to any information we provide to you.