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A Financial Guide to Divorce: Tips from an Advisor
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On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Jenn Caruso to discuss how to financially prepare for a divorce and how a Certified Divorce Financial Analyst (CDFA) can help.
Here are some key takeaways from their conversation:
- As a CDFA herself, Jenn explains that CDFAs can help clients understand the complex nuances of financial impact before, during and after a divorce.
- Before the divorce process actually begins, it is best to get organized, locate important documents and assess one’s financial situation.
- Jenn emphasizes the importance of cash flow planning and modeling different settlement options to ensure long-term financial stability.
- It is helpful to have an objective party involved like a CDFA, as they can mitigate the risk of making emotional decisions which can potentially lead to mistakes.
- After the divorce, Jenn suggests reviewing and updating estate documents, insurance policies and financial plans.
- Alimony is no longer tax-deductible or considered taxable income for divorces finalized after 2019, except in California where certain exceptions apply.
- A frequent mistake people make is wanting to keep the family home purely because of sentimental reasons, when it may not be financially sustainable.
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