Making Ends Meet
A family with two adults under one roof costs less than two households. No surprise there. So what happens when an already-strained budget meets with a doubling of many expenses? Frustration? Sure! Apprehension? You bet! Cost cutting? Probably!
It’s uncomfortable enough going through a divorce. It’s so important for you to know that the financial side of things are looked after.
Will You Survive an “Equitable” Settlement?
Often couples will seek divorce mediation services to help figure out a split of assets (along with all the very important parenting and support 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 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 actually 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 fine.
You need direct guidance, but in a safe environment where your expert is on your side to help you find a plan that works.
Resolution Point Expert Financial Guidance
Resolution Point provides financial guidance specifically as it relates to separating and divorcing couples. Recognizing the importance of finances in any divorce, both Moné Ardura and Danny Burk are Certified Divorce Financial Analysts™ through advanced training and testing.
We analyze your entire financial situation and tentative support arrangements using several software applications, some of which were developed specifically at Resolution Point. The results may indicate that your budget, child support and spousal support arrangements are workable. They may also indicate that while they seem fine for now, future events such as college tuition, retirement, or the termination of support may create an unworkable situation. We work with you to discover creative alternatives that may be acceptable to both participants.
When clients obtain divorce mediation services from Resolution Point, financial issues in the divorce context are always in the picture. But you may also want to obtain a financial analysis separately 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 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, use our Contact form or call us at (703) 668-0344 and we can describe the benefits you will receive from having trusted financial experts 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, including Resolution Point’s Spousal and Child Support Calculators, and now used throughout the state of Virginia by lawyers, judges, and mediators. But what if you both don’t agree on the amounts to use in the calculators? 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 and help you reach agreements on what numbers to use. You’ll 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, do consider using Resolution Point’s services to help you with recalculations down the road.
Our Child & Spousal Support Calculators:
Resolution Point offers remote mediation services at no extra charge when parties can’t be in the same room due to schedules or other conflicts:
- ▪ 4-way phone conference calling
- ▪ Video conferencing
- ▪ Internet connectivity which allows parties to watch everything remotely on their computer screen as it’s happening in our office.
WHAT OTHERS SAY
“You took us through a difficult and–at least in our case–a complex process and worked tirelessly to help us move it along quickly so we could retain the good interest rates for our refinancing transactions. The patience with which you explained the financial options was particularly helpful to me and you truly went above and beyond…! Moné, even though you were the less vocal RP partner in our work, your presence added a lot of calm and warmth which was lovely during such a difficult, emotional, and tense process. (Not to say you aren’t warm or calm, Danny!)”