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Divorce Planning -
“Divorce planning as practiced by Certified Mortgage & Divorce Planning Professionals is working with clients that are either in the process or considering a divorce and have anxiety about how they will pay all of their financial obligations, legal fees and continue to be independent plan and protect their CRADLE, Credit, Assets, Dependents, Life & Estate so they can continue to be self sufficient during and after their divorce.” |
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When you retain the services of a DPA professional you will meet with them in two 2 hour consultations. Your first consult is an information gathering meeting to be used by your planner to prepare your personalized Divorce Plan using our trademarked CRADLE System. The second meeting will be to review your completed plan.
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Your planner will begin by analyzing your credit with special attention paid to closing accounts held jointly with your spouse, opening new credit in your own name, ensuring that the closed account statements continue to come to your attention to guarantee they continue to be paid, establish a budget for your divorce services and open a safety deposit box to secure items of personal value.
We will then discuss your options to resolving your divorce case with mediation, collaboration or litigation thoroughly explaining the pros and cons of all.
Assets and distribution of them are always a concern for those going through divorce. Most individuals are concerned with how their assets are divided and most people think that divorce is a fifty/fifty split. This is not always the case
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| Divorce Coaching |
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Divorce Coach will provide education and guidance to empower clients as they grow through the transformative process of divorce.
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| Mediation |
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Mediation is an informal and confidential conflict management process that is geared towards problem solving ... |
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and it depends on whether your state is a Community Property or Common Law State. Community Property States will typically divide assets in half where as Common Law or Equitable Distribution States err on the side of fair not equal.In the both states, what you owned and owed prior to marriage will remain yours and what you earned or incurred as debt at the date of cut off, the official date of separation, will be yours as well. Under the assets section of your plan we will review, tax returns, taxes owed, upcoming tax returns and refunds, equity in the marital residence, stocks, bonds, pensions, cash, reserves to pay for your divorce, insurance and pay-roll deductions to increase your take home pay.
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Where there are children involved the plan will address child support, proper distribution of this support and how to insure that it continues in the case of the death or disability of the payer. The plan will address child care, tuition or college planning, which parent should claim the children as tax dependents and where appropriate family counseling will be suggested and budgeted for.
Of course your current lifestyle must be protected and your plan will prepare a detailed life style analysis that will address every aspect of your families’ life from whether to keep your marital residence to how to pay off debts. This section of your plan will also address your personal insurance needs, such as long term care coverage, health insurance and life coverage. Where alimony is deemed appropriate and necessary it will be determined how much is reasonable, for how long and how it should be paid. And lastly, in some cases it is deemed necessary to conduct a vocational estimate for a under employed or never employed spouse to determine their future earning capacity. In those cases we will budget for additional education.
Estate planning is the final element of every plan. Where there is an existing plan it will be reviewed for changes and in those cases where there is no plan currently an outline will be developed to create one. This will include the establishment of a Trust, Pour -Over Will and Trustees assigned.
In the end your planner's goal is to provide you a plan that emphasizes the best outcome but prepares you for the worst. This is why your divorce plan is so detailed and will take time to prepare and review. The advantage to you and your family is that your decisions will be based on facts and not emotion and thus protecting you and your family's future.
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