Getting a Fair Divorce Settlement with a CDFA with Nancy Hetrick

EP: 119

Nancy Hetrick

Getting a Fair Divorce Settlement with a CDFA


As you negotiate a divorce settlement, it’s useful to think about assets like a bowl of fruit. While it might look like an apple and a pear have the same worth, it’s crucial to solicit the advice of a professional to ensure that what appears to be a 50/50 split is truly equal. So, how can a Certified Divorce Financial Analyst (CDFA) help you navigate the divorce-specific items in the tax code and negotiate a fair settlement with your former spouse?

Nancy Hetrick is the CDFA behind Smarter Divorce Solutions, an Arizona firm dedicated to helping couples craft settlements that are a win-win for both parties. Nancy has 20-plus years of experience as a financial advisor, and she is trained in both mediation and Collaborative Divorce. She was a 2014 Finalist for the BBB Business Ethics Awards and the 2015 Winner of NAWBO’s Business Owner of the Year, and Nancy is the author of Divorce is Not for Dummies: How to Cover Your Assets.

On this episode, Nancy joins Katherine to explain what differentiates a CDFA from other financial planners. She walks us through the most common mistake couples make in negotiating divorce settlements, covering the complexities of sharing pension benefits with an ex and the potential tax implications of an ‘equal’ division of assets. Listen in for Nancy’s advice to couples considering divorce and learn how a CDFA can maximize the tax efficiency of a settlement, helping both parties get more of their own money!

Topics Covered

What differentiates a Certified Divorce Financial Analyst from other financial planners

The most common financial mistake couples make in negotiating divorce settlements

  • Overlooking tax implications

The biggest financial mistakes couples make in negotiating divorce settlements

  • Beneficiary issues around pensions
  • Hang onto house they can’t afford

The complexities of the Qualified Domestic Relations Order or QDRO

Understanding the choices available to divorcing couples in a specific pension plan

How changing rules in municipal pension plans impact the non-employee spouse

The different payout methods available to pension holders + their former spouses

The value in doing a 20-year financial projection for both parties in a divorce

Leveraging creative settlements to maximize tax efficiency for a divorcing couple

How the laws around divorce differ dramatically from state to state

How a Certified Financial Coach can support people who haven’t managed money

Nancy’s advice for couples considering or initiating the divorce process

  • Find CDFA in your area to do What if? look
  • Pay for experts to save money in long run

Connect with Nancy Hetrick

Smarter Divorce Solutions

Email nancy@smarterdivorcesolutions.com

Connect with Katherine Miller

The Center for Understanding Conflict

Miller Law Group

Katherine on LinkedIn

The New Yorker’s Guide to Collaborative Divorce by Katherine Miller

Email katherine@westchesterfamilylaw.com

Call (914) 738-7765

Resources

Institute for Divorce Financial Analysts

QDRO

Divorce is Not for Dummies: How to Cover Your Assets by Nancy A. Hetrick