Anyone who has gone through a divorce knows how emotionally challenging and financially complex it can be. While attorneys handle the legal aspects, a Certified Divorce Financial Analyst® focuses specifically on the financial implications of divorce. This specialized designation equips professionals with the expertise to guide clients through the intricate financial aspects of divorce proceedings, ensuring better outcomes for their financial future.
Anna Marie Mock, a fee-only certified financial planner at Highland Financial Advisors, discusses the dynamic interplay between art and science in financial planning. Drawing inspiration from Leonardo da Vinci's philosophy that "everything connects to everything else," she emphasizes that financial planning is an art involving subjective goal-setting and a science-driven by objective analysis tools. In this video, Anna explains how the scientific method can be applied to financial planning, using equity compensation as a concrete example.
What are your thoughts, feelings, and beliefs about money? What about your partner, and do they differ from your own? Sometimes, the conflict we experience around money in our personal lives can be attributed to incongruent money scripts with those with whom we share finances. Let’s dive into the term money script and how understanding it can help us achieve our financial goals.
In talking with clients about the benefits their employer provides during the open enrollment season, one often overlooked benefit if clients have dependents is the Dependent Care Flexible Spending Account (FSA).
Health Savings Accounts (HSAs) are not only a savvy investment option but also offer numerous benefits, especially for high-net-worth families. An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs) to help cover out-of-pocket medical expenses. While the utility of HSAs is universal, they hold advantages for high-net-worth families and have steadily grown in popularity since their inception.
Mediation offers couples a dignified, collaborative path forward when life circumstances require critical legal decisions about their future. As a trained family law mediator, Zoe Cassotis guides New Jersey families through productive conversations that lead to thoughtful, mutually beneficial solutions. Her confidential mediation approach helps people maintain control of their decisions while saving time and money, creating positive outcomes that respect both parties' needs and values.
Anyone who has gone through a divorce knows how emotionally challenging and financially complex it can be. While attorneys handle the legal aspects, a Certified Divorce Financial Analyst® focuses specifically on the financial implications of divorce. This specialized designation equips professionals with the expertise to guide clients through the intricate financial aspects of divorce proceedings, ensuring better outcomes for their financial future.
Deciding whether to keep the marital home after a divorce is one of the most significant financial and emotional decisions newly independent women face. While it may seem logical to hold onto the house, there are numerous factors to consider—financial feasibility, practical living conditions, and the emotional impact on you and your children.
Going through a divorce can be an incredibly stressful and emotionally draining experience. In addition to dealing with the end of a marriage, there are practical and financial implications to navigate. One potential pitfall many divorcees find themselves in is overspending to cope with the changes and upheaval in their lives.
In this installment of our video series on financial planning for newly independent women, we delve into updating beneficiaries across key financial documents and accounts. Whether you are navigating the aftermath of a divorce or coping with the recent loss of a spouse, it is essential to review and revise your estate documents, life insurance policies, and investment accounts to reflect your new circumstances. Additionally, we'll explore health insurance options that are available to you during this transition. These steps ensure your financial future is secure and your assets are distributed according to your wishes.
In our series on empowering newly Independent Women to achieve financial security, we delve into the often underestimated importance of organizing financial documents. Join Joe Goldy as he uncovers the three significant benefits of maintaining well-organized financial records, offering insights into financial transparency, legal compliance, and emotional closure. Discover how this simple yet powerful practice can advance financial Independence and peace of mind.
When going through a divorce, there are a million things to think about and plan for - division of assets, child custody arrangements, updating beneficiaries, and more. One aspect often overlooked is what happens to your health insurance and how to manage medical expenses best going forward. This is especially important for divorcees as they will now be managing their own healthcare costs independently rather than on a family plan.
In this video, Joe Goldy from Highland Financial Advisors discusses the significance of cash flow as a critical tool in financial planning, emphasizing its universal application for all clients, particularly divorcees. He distinguishes cash flow from a budget and outlines its three main benefits: providing peace of mind by showing clear income and expenses, being a reusable tool for various financial scenarios, and aiding divorcees in accurately filling out the Case Information Statement.
I recently read an interesting article in the Wall Street Journal about how anyone with a low-rate mortgage may not realize the actual value of their asset. In the current world of 7%-8% mortgage rates, anybody with a sub-4% mortgage rate owns a precious asset. Viewing a loan that needs to be repaid as an asset is counterintuitive. But any loan from a bank at 3.5% when rates on Treasury Bills and CDs are at 5% has significant value. By the Journal author's estimate, some $1 trillion in value has passed from banks and bondholders to homeowners.
Is there a divorce season?
According to a study by associate sociology professor Julie Brines and doctoral candidate Brian Serafini of the University of Washington, the answer is yes, and they boiled it down into a simple formula...
A few years ago, I remembered having a conversation with a divorced client that stuck with me. The client struggled to decide whether to keep or sell the marital home after her finalized divorce. Although she asked the right questions and thoroughly understood the numbers, I could tell emotions guided her decision-making, not logic.
Following a significant life event, such as divorce or the loss of a spouse, people face a common question: How will being newly independent affect my family's lifestyle? During this financially delicate period, a decrease in household income, the ability to remain in the family home, and the long-term impact on a person's retirement plan are all top of mind.
For many people going through a divorce, a common decision that needs to be made is whether to keep the marital home. At first glance, the person considering remaining in the home may feel like the monthly cost is lower than renting. However, divorcees need to complete a careful analysis to ensure all costs of homeownership are factored in.
When going through a divorce, many challenging topics need to be talked through before things become finalized. When it is time to discuss marital assets, particularly among those 50 and older, retirement assets or pension benefits tend to be at the top of the list since they often have the most significant balances.
