DIVORCE FINANCIAL SERVICES

Making Ends Meet

A family with two adults under one roof costs less than two households. Sometimes, financial issues can even cause divorces.

So what happens when an already-strained budget meets with a doubling of many expenses? Frustration? Sure! Apprehension? You bet! Cost cutting? Probably!

But how do you know what your financial future will look like? With all the apprehension around your relationship dissolving, you need a calm, measured approach toward looking at your assets, liabilities, income and expenses.

You need direct guidance, but in a safe environment where your expert is on your side to help you find a plan that works.

Will You Survive an "Equitable" Settlement?

Often couples will seek divorce medation services to help figure out a split of assets (along with all the very important parenting issues). And often the basic idea is that everything must be split 50/50.

In Virginia, we have a concept of "equitable distribution" when it comes to dividing "marital property." There's a whole list of guiding factors that are set out in the Virginia Code. (Click here to see Section 20-107.3 of the Virginia Code.) The law does not require that each asset be split 50/50.

But sometimes, the most obvious split of assets and an amount of support can cause one spouse to be impoverished at some point in the future even though the current picture looks great.

It's uncomfortable enough going through a divorce. You surely would like to know that at least the financial side of things are looked after.

Results That Make Sense

Resolution Point provides financial guidance specifically as it relates to separating and divorcing couples. Understanding the long term impacts of various asset divisions and support arrangements is critical to your knowing if you're getting a result you can "live with".

We analyze your entire financial situation and tentative support arrangements using several software applications. The results may indicate that your budget, child support and spousal support arrangements are workable. They may also indicate that while they seem ok for now, future events (such as college tuition, retirement, the termination of support) may create an unworkable situation. We will work with you to discover creative alternatives that may be acceptable to both participants.

Recognizing the importance of the finances in any divorce, your mediator, Mr. Burk, became a Certified Divorce Financial Analyst™ or CDFA. To obrtain the certification required advanced training and testing.

When clients obtain divorce mediation services from Resolution Point, the financial analysis is always included as part of the process.

You may also want to obtain this review when:

• You are considering separating but don't know if you can "make it" on your own.
• You have received an offer from your spouse for a settlement of assets and support and you want to understand the offer from both short and long-term impacts of the offer.
• You are working with another mediator and one or both of you are looking to "reality check" the solution that you've come up with in mediation.
• You are heading for a divorce trial and you need an expert witness to review and testify regarding your division and support plan.

If you're involved in a separation or divorce or just thinking about one, email or call us and we can describe the benefits you will receive from having financial eyes looking over your shoulder.

Recalculation of Child or Spousal Support

Many "Property Settlement Agreements" or PSAs are designed so that spousal support or child support is recalculated at a certain time or when certain events occur. Sometimes these recalculations are easy and you can do it yourself using online calculators. But what if you both don't agree on the amounts to use in the calculator? What if one of you is self-employed or received a one-time bonus? Rather than opening old wounds and creating tensions that may end up making your co-parenting more difficult, consider having us do the recalculation with you. We'll ask the right questions, help you reach agreements on what numbers to use, and you can walk out with an agreement on the recalculation that you both can live with. Since the recalculation modifies support amounts, you may wish to have the results written up in a binding agreement to minimize questions later.

The recalculation service may also be helpful to you individually if you can't get your ex-spouse to join you in mediation. You'll learn what options you have for filling in the blanks and what information you should be looking for from the other party to have a complete picture.

Even if you didn't use Resolution Point to mediate your divorce in the first place, consider using Resolution Point to help you with recalculations down the road.