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Why High-Net-Worth Families Should Work with a Fiduciary Advisor
Learn why high-net-worth families benefit from working with a fiduciary advisor who prioritizes their interests, handles complex financial...
We have already covered how a Certified Divorce Financial Analyst (CDFA®) can help you before and during a divorce, and now it’s time to talk about what’s next for you.
How a CDFA® Can Help Secure What You Are Owed After a Divorce
After the final decision is reached, you leave the courthouse or attorney’s office with a legal agreement along with documentation like a QDRO (Qualified Domestic Relations Order), not a check. That’s typically when your divorce attorney’s work ends and it’s on you to collect on what’s outlined in the settlement. However, if you’ve hired a CDFA®, you can relax a bit and let them take a large part of this responsibility off your shoulders.
The first thing I typically do is create a spreadsheet that has all of the relevant account information, along with contact details and what I need from my clients to help them get full possession of the assets and funds they are owed. In many cases, I handle matters that they might naturally be reluctant to tackle themselves. It’s part of my job, for instance, to call someone’s ex-partner and remind them that they have to call the fund managing their retirement accounts and send half the money to my client.
Financial Planning, Taxes, Investments, Your Retirement, and Insurance
Securing your assets is just the beginning of what a CDFA® can do to help you move towards a better tomorrow. We can perform a financial assessment and create a livable budget that takes your cash flow and assets into account. We also collaborate with our portfolio management team and retirement planners so that our clients can make the most of a potential windfall.
If your marriage gave you access to a corporate medical insurance policy that’s gone now that the divorce is final — what should you do? What about the properties that you now control? Your CDFA® can help you connect with a professional that can help you build a wealth protection strategy that includes medical, life, and property insurance tailored to meet your new budget.
Helping Women Thrive Post-Divorce
If you’ve been in a long-term relationship where the other partner has been the primary earner, you may not have a substantial credit history of your own. A CDFA® can help you determine which credit accounts you want to keep and which ones you will want to close in order to help you build a personal credit score. We can also advise you on any loans or mortgages you may need to take on.
One final thing that’s often left out of the divorce equation is the fact that women generally live longer. I make sure that’s factored into all of the planning and analysis I perform. Whether you want to budget now to save a bit more for the future or are focused on the long-term care options you want in your twilight years, a Certified Divorce Financial Analyst can help you meet your goals.
To learn more about what a CDFA® like me can do to help you before, during, and after divorce, review our Life Transition Financial Planning services and schedule an appointment to talk to an EP Wealth Advisor.
Disclosures:
- Information presented is general in nature and should not be viewed as a comprehensive analysis of the topics discussed. Content does not involve the rendering of personalized investment advice, nor is it intended to supplement professional individualized advice.
- As the author of this piece, EP Wealth Advisors, LLC (“EPWA”) has tailored the messaging of this article to align with the categories, services, qualifications, capabilities and services that it offers and can service. It is intended to serve as a tool containing general information that should assist you in the development of subsequent discussions with the appropriate professionals. EPWA makes no representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information presented. All expressions of opinion by the author are subject to change without notice.
- EPWA is not in the business of providing tax or legal services or advice. Always consult your tax advisor and/or attorney regarding your specific situation.
