April 17, 2023

Divorce – The 3 Headed Dragon

Divorce. The D-word. The image of a fire-breathing dragon comes to mind and fear builds instantly. Look closer, you’ll discover that it’s actually, it’s a 3 headed dragon. 

1. Legal

2. Emotional

3. Financial

Pay attention to all 3 heads or your divorce action could go off the rails and cost you tens of thousands of dollars more than it should. 
  • When divorce is discussed, the first thing most people think of is attorneys – family law attorneys. But attorneys are – actually only one “head” of the dragon… and the most expensive and litigious (emotionally charged) “head”. Attorneys are specialists in law. Period. They are not financial experts nor mental health experts yet few will tell you that. Keep this in mind when you initially encounter the 3-headed D dragon.
  • Major life-altering events are bound to occur when you go through the divorce process. The sadness, disappointment and fear of the unknown creates immeasurable amounts of stress. The ones closest to you are generally the recipients of your anger and behaviors that you later wish you could take back. Therapists, divorce coaches, qualified friends and family are your outlets. Don’t be afraid to reach out to them, no matter how difficult. 
  • The most important, stress-inducing and usually most overlooked is the financial division of your marital estate. Attorneys are accustomed to working through the division but that is not their expertise. A divorce financial expert will ensure that your division is in the best interest of you, their client or for your family if they are working with both parties as a neutral. Besides clarifying the estate to be divided, Certified Divorce Financial Analysts (CDFA®) educate clients on the long-term implications of the division of the estate. Most of the work of a CDFA® is completed without attorneys, thus reducing costs. Mediated settlements keep you and your personal and financial information out of the public sphere of the court system. Ask your CDFA® about the mediation process.

Keep in mind that reality is less scary than what your imagination can create. Rational thinking, emotional support and financial planning will help reduce your fears. 

Keep the D dragon at bay and build your confidence before and during your divorce action.

Take Control of Your Future

When you consider divorce, or if you know someone who is contemplating divorce, one of the biggest realities for those in the divorce process is the financial settlement and financial analysis post-divorce. Get the assistance of Paula Woolcott, CDFA™ at Financial Divorce Designs.

We will provide step-by-step guidance on matters related to divorce. With a wide range of experience and expertise related to divorce issues, Paula will simplify the process and provide much-needed clarity in areas such as long-term tax consequences, asset, and debt analysis, dividing pension plans, continued health care coverage, stock option elections, protecting support with life insurance, and much more.

Schedule Your Complimentary Consultation Today!