Our Clients

Divorced Individuals

Maintaining Financial Stability and Confidence Through the Divorce Transition

WHERE TO START

These are our top resources for individuals considering or navigating a divorce.

Building Your Independent Life

These are the basic steps to creating a post-divorce budget, so that you can gain clarity and control over your financial life as you build your independence.

STEP 1 Make a money date.

Set aside two hours to take a detailed look at your finances. Beforehand, prepare your financial documents and login information for your online accounts.

STEP 2 Get clear about your goals.

Write down all the things you’d like to accomplish in the next year, and estimate what they’ll cost. These are your short-term goals. Then, consider the bigger picture and record broader goals like retirement or sending your children to college.

STEP 3 Add up your income.

List and tally up all sources of money that you regularly receive, including those that may result from your divorce. This includes employment checks, alimony and child support.

STEP 4 Write down your expenses.

Now, list your regular expenditures. This includes fixed expenses like mortgage and utilities, as well as variable expenses, like entertainment and dining out.

STEP 5 Prioritize and adjust as needed.

With your income and expenses in hand, you can fine-tune your budget, adjusting it to fit your lifestyle and goals. If your income doesn’t cover your spending, start by reviewing your variable expenses.

STEP 6 Assemble your dream team.

Make sure you are surrounded by a strong personal and professional support system. This includes accountants and financial professionals, as well as friends and personal advisors.

STEP 7 Make it practical.

Now that you’ve created a budget, make sure you have a process for following and adjusting it. Your dream team, combined with budgeting software and other tools, can help you do just that.

What does your professional team look like?

The divorce transition hinges on the expertise of the professionals involved. Here is a list of the most important specialists to have in your corner, and the significance of their roles.

Divorce Lawyer

It is essential to partner with a legal professional whose integrity you trust and whose expertise you can rely on. It is also important that your legal counsel is in communication with your financial and tax advisors.

Certified Public Accountant (CPA)

Accountants will examine the details of your present-day financial life, and they may be called upon to calculate the taxes on dividing property and the effects of child support and spousal support over a brief period. They may also perform an audit of account activity or to perform forensic accounting functions to help uncover “hidden assets.”

CERTIFIED FINANCIAL PLANNER (CFP®)

The role of the CFP® professional is to help you achieve their financial goals in the context of the divorce transition and over the long term. They will create financial projections based on certain assumptions and they will keep you moving toward stated objectives.

Certified Divorce Financial Analyst (CDFA®)

The role of the CDFA® professional is to help both you and your attorney understand how the financial decisions made today will impact your financial future. These professionals go through intensive training programs focused on the financial issues associated with divorce, so that they can identify and analyze potential issues related to property division, tax, pension plans, matrimonial homes, insurance, settlements, budgeting and lifestyle.

Members of the Spectrum team hold CPA, CFP® and CDFA® designations, so that we can provide a holistic advisory experience for those who are navigating or considering divorce.

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Practical Insights from the Spectrum Team

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