What is Divorce Financial Planning?
Divorce does not have to destroy your financial future. Even if the settlement was far from adequate, it is what you do after the divorce that has the greatest impact on the rest of your life. Divorce is often about the past. Financial planning is about the future. A plan that is realistic and achievable can make the difference between a life of fear and vulnerability and one of empowerment and peace of mind. In adition to the firm's business valuation and forensic accounting specialties, BARR CPA LLC is also certified as a Personal Financial Specialist by the American Institute of CPAs and licensed as a Registered Investment Advisory firm by the NJ Bureau of Securities.
The success, or failure, of a sound financial plan is largely dependant on the implementation and execution of that plan. We believe strongly in assisting our clients in attaining their goals and achieving financial success after the divorce.
Divorce financial planners can explain financial options, help set priorities and lead clients through the hard choices ahead. Planning for the future is an essential part of every divorce settlement. Separating or divorcing couples often face a major financial transformation. The bottom line is that two households must now survive on the same dollars formerly supporting one. Typically, if financial planning takes place at all, it's after the divorce, when financial planners help individuals take stock of their finances and move forward.
Divorce financial planning, however, takes place at the start of the process when individuals first choose to go their separate ways. With early entry into the process, divorce financial planners can provide the comprehensive and accurate financial information necessary to reach a workable agreement. Uniquely qualified to make long-term financial projections, divorce financial planners integrate the methodology of financial planning directly into the divorce process.
Since settlements are in large part financial, divorce financial planners can explain options, help set priorities and lead a client through the hard choices ahead. Often, the financial data on which settlements are based is unreliable, which can lead to future problems for one or both parties. Divorce financial planning increases the accuracy of financial information so that both parties achieve workable settlements quicker and accept realistic lifestyle changes when necessary. Settlements achieved with the help of a financial planner are less prone to problem or error.