Divorce Planning
“Divorce planning as
practiced by Certified Mortgage & Divorce Planning Professionals is working
with clients that are either in the process or considering a divorce and
have anxiety about how they will pay all of their financial obligations,
legal fees and continue to be independent plan and protect their CRADLE,
Credit, Assets, Dependents, Life & Estate so they can continue to be self
sufficient during and after their divorce.”
When you retain the services of a CDPP professional you will meet with them
in two 2 hour consultations. Your first consult is an information gathering
meeting to be used by your planner to prepare your personalized Divorce Plan
using our trademarked CRADLE System. The second meeting will be to review
your completed plan.
When you retain the services of a CDPP professional
you will meet with them in two 2 hour consultations. Your first consult is
an information gathering meeting to be used by your planner to prepare your
personalized Divorce Plan using our trademarked CRADLE System. The second
meeting will be to review your completed plan.
Your planner will begin by analyzing your credit with special attention paid
to closing accounts held jointly with your spouse, opening new credit in
your own name, ensuring that the closed account statements continue to come
to your attention to guarantee they continue to be paid, establish a budget
for your divorce services and open a safety deposit box to secure items of
personal value.
We will then discuss your options to resolving your divorce case with
mediation, collaboration or litigation thoroughly explaining the pros and
cons of all.
Assets and distribution of them are always a concern for those going through
divorce. Most individuals are concerned with how their assets are divided
and most people think that divorce is a fifty/fifty split. This is not
always the case and it depends on whether your state is a Community Property
or Common Law State. Community Property States will typically divide assets
in half where as Common Law or Equitable Distribution States err on the side
of fair not equal. In the both states, what you owned and owed prior to
marriage will remain yours and what you earned or incurred as debt at the
date of cut off, the official date of separation, will be yours as well.
Under the assets section of your plan we will review, tax returns, taxes
owed, upcoming tax returns and refunds, equity in the marital residence,
stocks, bonds, pensions, cash, reserves to pay for your divorce, insurance
and pay-roll deductions to increase your take home pay.
Where there are children involved the plan will
address child support, proper distribution of this support and how to insure
that it continues in the case of the death or disability of the payer. The
plan will address child care, tuition or college planning, which parent
should claim the children as tax dependents and where appropriate family
counseling will be suggested and budgeted for.
Of course your current lifestyle must be protected and your plan will
prepare a detailed life style analysis that will address every aspect of
your families’ life from whether to keep your marital residence to how to
pay off debts. This section of your plan will also address your personal
insurance needs, such as long term care coverage, health insurance and life
coverage. Where alimony is deemed appropriate and necessary it will be
determined how much is reasonable, for how long and how it should be paid.
And lastly, in some cases it is deemed necessary to conduct a vocational
estimate for a under employed or never employed spouse to determine their
future earning capacity. In those cases we will budget for additional
education.
Estate planning is the final element of every plan. Where there is an
existing plan it will be reviewed for changes and in those cases where there
is no plan currently an outline will be developed to create one. This will
include the establishment of a Trust, Pour -Over Will and Trustees assigned.
In the end your planner's goal is to provide you a plan that emphasizes the
best outcome but prepares you for the worst. This is why your divorce plan
is so detailed and will take time to prepare and review. The advantage to
you and your family is that your decisions will be based on facts and not
emotion and thus protecting you and your family's future.
As a
Divorce Planning Professional, I work with other professionals serving
the divorce community in the State of California. Our Network is
comprised of certified divorce planning professional, divorce
attorneys, accountants, forensic accountants, therapists, coaches, and
mortgage planners. Members must abide by a strict Code of Ethics and
Professional Responsibility adopted by the Network.
Work With The
Best!
