Tailored to meet your needs
Divorce Financial Planning
The law is only one part of the divorce process. When it comes time to divide marital assets, and other financial decisions to be made, it is important to be well-informed and rely on someone with a financial background. We will explore scenarios to consider in your negotiations and work through the relevant issues with you.
Divorce Coaching
Sometimes you have a good handle on the finances, but overwhelm seems to be the mode of each day, you need an objective thinking partner with a fresh perspective. We will focus on what is important to you to bring about new ideas, renewed clarity of thought, and a sense of confidence to navigate the divorce process.
For Couples
For couples who want to work through the financial issues, together, we can help. The husband and wife will each have a CDFA partnering with them as we work through the scenarios as a group. You and your spouse will determine the options to consider, with our guidance, so you can take these to your respective attorneys for drafting of the documents.
A Trend on the rise
Divorce Over Age 50
The term "gray divorce" is used to describe a change in recent years, an increase in the rate of couples getting divorced that are over age 50. Many of those divorces are marriages that are 25 years plus. This is our specialty.
At Brainstormingwomen, the majority of our clients are from long-term marriages, who have put aside their career aspirations to raise a family, and then suddenly are blindsided by divorce. The complexities are greater and of important significance when doing our analysis and looking to a new future. You should be asking a lot of questions when getting divorced.
There are several factors that must be addressed in the finances of a gray divorce:
1. Most commonly, the wife has exchanged a career for raising children and ensuring her husband is able to fully focus on developing his career. Her earning capacity has changed since before the marriage
2. One spouse hasn't had much involvement in the family finances. This will change.
3. Assets have been accumulated over the years of the marriage, and negotiations as to how to best divide them must take into consideration based on the type of asset, etc.
4. Funds that supported one household will now have to support two, a budget is very important
5. Given the time horizon, cash flow is very important to consider over the long run to make well informed decisions
Every divorce is different, all of these factors may not apply and in some cases there are more. In all cases, careful review must be done to help you make decisions based on facts. This is where you need Jessica Garcia as your CDFA.
Learn More
Working with clients from long-term marriages is our specialty. Let's discuss how we can help you through this process.
Women And Divorce
Finances Matter
Generally speaking, the dependent spouse suffers more financially during divorce. Sometimes, that is a woman, and it becomes even more important to understand your finances and what they may look like in the future. You want to minimize financial vulnerability in the long run. Even if you are the primary wage earner, having someone that is on your side of the table is important during this process.
According to yourdivorcequestions.org the financial burden is greatest during the first year after divorce and varies depending on: (1) how much money the woman contributed to the family income before divorce, and (2) the ability and willingness of her former husband to make child support payments.
- About one in five women fall into poverty as a result of divorce. (The 2014 poverty line for a family of three is less than $20,000 a year.)
- About one in four women lose their health insurance for a period of time after divorce.
- About one in three women who own a home and have children at home when they divorce lose their homes.
- Three out of four divorced mothers with child-support orders don’t receive their full payment
When you’re dealing with the complexities of a divorce, you need financial expertise that’s both trustworthy and customized to your individual situation. We know it is an especially challenging time, even when you are comfortable with your personal finances.
