Divorce Settlement – Divorce Dialogues

Divorce & Your Financial Security with Stacy Francis

Katherine Miller — Fri, 04 Dec 2020 00:26:47 +0000

EP: 139

Stacy Francis

Divorce & Your Financial Security

Divorce Dialogues · Divorce & Your Financial Security with Stacy Francis

A lot of people stay in unhappy marriages because they don’t think they can afford not to. But if you’re willing to take a close look at your finances and enlist the help of the right professionals, you can come to a peaceful resolution and navigate a divorce settlement that ensures your financial security for the long term.

Stacy Francis is the Founder and CEO of Francis Financial, a fee-only, boutique wealth management, financial planning and divorce financial planning firm. A nationally-recognized financial expert with 18-plus years in the industry, she is a Certified Divorce Financial Analyst (CDFA), Divorce Financial Strategist and Certified Estate and Trust Specialist (CES). Stacy is also a member of the Forbes Finance Council, and she has appeared on CNBC, PBS and Good Morning America, among many other media outlets.

On this episode of Divorce Dialogues, Stacy joins Katherine to explain why people are reluctant to take a close look at their finances and how she helps people get past their fear of judgement around money. She describes what differentiates a CDFA and how they can help you, offering advice on what questions to ask as you select your team of divorce professionals. Listen in for insight on making sure you’re financially secure after divorce and take the first step to getting a clear picture of your money situation.

Topics Covered

The most important thing you can do to make sure you’re financially secure for the long term after divorce

Why people are reluctant to take a close look at their finances

How Stacy’s team helps people get past their fear of judgement around money

The first step for getting a clear picture of your money situation

How you might use COVID to initiate a conversation with your spouse about your financial situation

What differentiates a Certified Divorce Financial Analyst and how they can help you

Identifying what YOU need in a settlement to feel comfortable, knowledgeable and financially secure

What to look for in a CDFA

How the process and professionals you choose impact your ability to achieve a peaceful resolution

Stacy’s top three tips for those of us contemplating divorce

Connect with Stacy Francis

Francis Financial

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@miller-law.com

Call (914) 738-7765

Resources

NAPFA

The Francis Financial White Paper

The post Divorce & Your Financial Security with Stacy Francis appeared first on Divorce Dialogues.

Getting a Fair Divorce Settlement with a CDFA with Nancy Hetrick

Katherine Miller — Wed, 19 Feb 2020 01:00:55 +0000

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@miller-law.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

The post Getting a Fair Divorce Settlement with a CDFA with Nancy Hetrick appeared first on Divorce Dialogues.

Process Choice: The How of Divorce Settlement with Sarah Hechtman

Katherine Miller — Wed, 18 Oct 2017 01:00:14 +0000

EP: 058

Sarah Hechtman

Process Choice: The How of Divorce Settlement

Once you’ve decided on divorce, the next step is to determine how you and your former partner will come to a resolution. Given that 97% of divorces in New York settle before a judge gets involved, it is in your best interests to explore the full spectrum of options and make an informed decision based on your particular circumstances. This is called process choice.

Sarah Hechtman is a trained collaborative lawyer and family mediator. Before practicing family law, Sarah worked as a civil rights lawyer, prosecuting class action cases on behalf of children through Children’s Rights and Advocates for Children of New York. She also served as an Assistant District Attorney in the New York County DA’s Office where she was a member of the Domestic Violence and Sex Crimes Unit. Sarah made the transition to family law in 2006, and since then she has handled complex divorce cases involving substantial financial assets as well as highly contested child custody cases. Sarah’s interest in the welfare of children coupled with her experience as a litigator led her to a commitment in helping clients resolve their family disputes outside the court system.

Today, Sarah joins Katherine to share the definition of process choice, discussing the full spectrum of options divorcing couples have regarding how they will settle. She explains the mediation model, walking us through the value a mediator adds as a neutral third-party. Sarah also speaks to collaborative law, describing the professionals who may be included in the process. Listen in for Sarah’s insight around the myth of ‘having your day in court’ and how collaborative law enables the parties involved to craft their own resolution.