It is heart wrenching to be a spectator of a divorce. Many of us have witnessed one or more of our girlfriends go through the Big D (AKA hell) or, even worse, we’ve experienced it ourselves. No one wants to see a marriage dissolve – the parents, kids or the friends of the couple intertwined in the impending break-up. However, the divorce over 50 trend among couples is becoming a startling statistic. In the last 20 years, the divorce rate among baby boomer couples has doubled. Read More
Monday, April 6th, 2015 and is filed under Divorce - Blog Category
If you’re contemplating a divorce, you’re likely overwhelmed by all of the emotions and uncertainty about the future associated with such a move. However, to get the most for your money and from your lawyer’s time, it’s important to get together all of your relevant financial information before you sit down with your attorney or Certified Divorce Financial Analyst. Be prepared with our Divorce Financial Checklist!
Financial Information You’ll Need for Your Meeting with Your Divorce Attorney (Part 1)
When facing a divorce, it’s common for one spouse to express a desire to stay in the family home. This can be for a number of reasons. The spouse may want to minimize disruption in the lives of the children. Or they may simply want the comfort of familiar surroundings as they face dramatic life-altering changes. Under these circumstances, many profound emotional forces can be at play.
Set emotions aside and ask yourself, does it make financial sense to retain the family home? Read More
Thursday, July 17th, 2014 and is filed under Divorce - Blog Category
When facing divorce, it is common for one spouse to want to stay in the family home to minimize disruption in the lives of the children, or just to hold onto something familiar in the face of major life changes. While there are many emotional components at play, there are four factors to consider when deciding whether keeping the family home makes financial sense.
1. Current value and market conditions – The first step is to find out what the home is worth and get a feel for real estate market conditions. A real estate professional can help you evaluate your home against “comps,” or other recent sales in the area, but an appraisal may be the best determiner of your specific home’s value. Read More
Divorce consumes every aspect of your life: emotional, familial, social, spiritual, legal, and financial. It generates emotions that are often conflicting and intense. In divorce, expect upheaval in virtually every area of your life.
That’s why one of the best things you can do to keep your emotions from overwhelming the situation is to maintain focus on the financial challenges the divorce process presents. The decisions you make today will set your financial tone well into the future. That’s why in addition to qualified legal counsel, it’s critical you seek qualified financial counsel: a Certified Divorce Financial Analyst. Read More
Monday, June 16th, 2014 and is filed under Divorce - Blog Category
With our corporate headquarters conveniently located in Addison, Texas, we assist clients in Dallas, Fort Worth, Richardson, Carrollton, Farmers Branch, Plano, McKinney, Garland, Frisco, and the surrounding area.
As a Certified Divorce Financial Analyst (CDFA), Cathy DeWitt Dunn discretely provides the financial expertise you need to help you negotiate the best possible divorce settlement. Cathy works closely with your divorce attorney to build a strong financial case that supports both your immediate needs as well as your long-term financial wellbeing. Even if you do not have a divorce attorney, Cathy can provide crucial insight on how various settlement proposals will impact you financially both short-term and long-term. Read More
One of the reasons people place retirement funds into qualified retirement plans such as an IRA account is that the funds are set aside pre tax. When you’re going through a divorce, these retirement assets will need to be divided, and you’ll want to make sure that a QDRO is included in the agreement to handle these previously untaxed assets. If you divide a retirement account such as an IRA without a qualified domestic relations order, it can be subject now to taxes and even penalties. Read More
If you’re preparing to divorce, you probably know that you will need an experienced divorce attorney to help you navigate the process. But did you know that you should also enlist the help of a Certified Divorce Financial Analyst? The Certified Divorce Financial Analyst will work closely with your attorney to make sure that the proper asset division strategies are in place and help you get the most out of your divorce settlement. Read More
When you’re going through a divorce, you may be dividing a variety of different assets. Each will need to be properly valued to come to a final settlement. Specific assets may be valued differently. Here’s some information on the valuing of specific assets during divorce.
Valuing the Home in Divorce
If you or your spouse do not wish to sell the home and are negotiating an agreement out of court, you can use whatever value determination you both agree is fair. This can be fair market value, original purchase price, or the amount it would take to pay off the mortgage. In court, the judge will likely use current real estate appraisals of the property to determine value. A real estate appraiser will be used as the expert to determine the value, and each party can hire their own appraiser if they wish. Because there are various approaches that appraisers might use to determine value, you’ll want to have an appraiser on your side if you’re arguing your case before a judge. Read More
A business is treated like any other asset during a divorce. That means that the rules related to community property apply. It also means that you may have the right to a portion of the profits from the business as part of the divorce settlement, even if you haven’t played a role in the creation or running of the business. There are also ways in which you might be entitled to the profits of a business that was started or acquired prior to the marriage. Read More