Divorce Settlement Choices

Divorce Settlement is about Choices

 

Settlements demand financial decision-making that will alter the rest of yours and possibly your children’s life. Most people have no knowledge of the specifics of the finances of divorce. Most people are often too emotional to make sound financial decisions regarding their future.

Quite often poor choices are made, choices that are permanent. These decisions require the experience of a divorce professional who specializes in the analysis of divorce finances.

We are divorce financial sepcialits. Ken S Maynard is a Certified Divorce Financial Analyst (CDFA™), and the founder of Ontario Divorce Finances. He has consulted with individuals, couples and Collabrotive Law family lawyers to help people understand how an impending divorce will change their financial future.

Ken has a deep, personal understanding of the short and long-term financial implications of divorce, and is highly committed to helping her clients clarify their financial future.

Ken will work to keep your costs down and offers a flexible schedule that fits your lifestyle. He is also available evenings and weekends.

 

Working with clients at every stage of the divorce process

Ontario Divorce Finances consults with individuals and couples at the pre-divorce stage, with clients and their respective divorce lawyers and/or divorce mediators during the divorce process and with clients in the post-divorce stage to review their new financial and taxation situation. Contact us today.

 

Partnering with Collaborative Practice lawyers And Family Coaches

Ontario Divorce Finances is also a financial resource for collabortive law divorce lawyers and divorce mediators. We are strategic partners to law practices supporting matrimonial lawyers or the collaborative law team.

We will work with divorce mediators to form part of a formidable team helping couples to come to resolution on all of the financial issues. We will enhance the work of lawyers and mediators by helping your clients clarify and understand their financial decisions. We can enhance the services that collabortive divorce professionals offer by bringing financial clarity to their clients’ divorce cases. If you are an Ontario collabortive pratice family lawyer or a divorce mediator who would like to grow your practice by taking advantage of our services please contact us.

 

Contact Ontario Divorce Finances today for a FREE ½ hour initial consultation. Call (877) 932-8389

By | May 31st, 2012|Moving to Settlement|0 Comments

Take Control

Controlling the

By | May 31st, 2012|Income and Expenses|0 Comments

Preparing for Divorce Insights

Preparing for Divorce Insights

 

    1.  Money will almost always become an issue in divorce
      • Many people start out thinking and believing the promise that things will always be divided evenly and straightforward
      • Money is sometimes used as a bargaining tool to resolve other issues
    2.  Gather everything you can about your family finances
      • Make a list of your financial property
      • Gather statements and documents on all property
      • Frequently one partner is not “in-the-know” on the family finances which makes this task difficult
    3.  Understand that a 50/50 division of property is not always fair financially
      • Take into account future value of property
      • Comparable values of different types of property are not always equal due to tax implications
    4.  Consider the tax implications of all of your financial divorce decisions
      • Keep in mind that a change in marital status will affect your tax situation
      • Consider the tax effect and true value of the assets you will retain
    5.  Make sure that you can afford the house before you decide to keep it
      • Pre-qualify for a mortgage
      • Remeber that upkeep costs can be expensive, both financially and emotionally
    6.  Understand the real net value of your investment and RRSP portfolios
      • Understand tax liabilities and advantages of different investments
    7.  Ensure pensions are properly valued
      • Defined Benefit Plans must always be valued by a specialist
    8. Make sure that the payor of child and/or spousal support has life insurance to support these financial obligations
    9. Redo your Will and Power of Attorney
    10. Speak to a Divorce Financial Specialist
By | May 31st, 2012|Moving to Settlement|0 Comments

Divorce during recession

Divorce during recession, a double-edged sword

 

Can you go through with the decision to divorce even during a recession? Is the distant memory of ‘for richer or poorer’ ringing more true for you and your partner today? What effect will these poor economic times have on your decision? Should you decide with your ‘head’ or your ‘heart’; it’s a double-edged sword.

As if it’s not unpleasant enough to have problems in your marriage, today many couples are feeling trapped as the economy very slowly recovers.

The decision to divorce may have to be a ‘NO’ for you, at least for the time being, if financial stability has taken Divorce in Recessiona front seat. For men especially, money tends to be at the root of many decisions and the question of divorce is no different. Couples are staying together, living under the same roof, because their family income has been cut in half or in some cases eliminated altogether. It takes special people at the most difficult time in your lives to continue to co-exist under these circumstances.

With housing prices slow to recover, a couples’ equity in their home has often significantly decreased. Often, families are forced to stay together in the same home even after the divorce decision has been made; waiting months, sometimes more than a year, for their house to sell. What kind of environment are we subjecting our children and family to, continuing to live with a partner that we no longer want to be with, solely for the money?

Properties, including investment and retirement portfolios have decreased, in some cases more than 30%. Should you stay together hoping to upgrade the pie that you will split? Is that realistic? Does anyone know how long that will take or when that will actually be?

Now, if we place emotional security above financial stability, the decision to proceed with divorce is often a resounding ‘YES’. Women tend to make decisions of the heart and are the ones more often taking jobs or even second jobs they perhaps otherwise would not have, and dads are sometimes staying home with the kids.

If one of you does move out, there may still be mortgage payments, and now there may be rent for the partner who has left. If you can’t sell the house, then one of you retaining it at a lesser valuation may, over time and as prices rise, be a smart financial decision; will keeping the house instead of other assets, in the long run have been the better financial decision?

If portfolios are divided during a recession, then one partner may end up with the share of the pie that rebounds more slowly; if you are the fortunate one, much more quickly. Are you willing to take the financial risk for your emotional health?

Money matters during a recession are often the overriding theme in a marriage. During turbulent times in a relationship, the decision to end a marriage is a double-edged sword. Will we sacrifice our emotional well being if we stay? But then again, can we afford not to?

Property in DiovrceThe decision to divorce may have to be a “NO” for you, at least for the time being, if financial stability has taken a front seat. For men especially, money tends to be at the root of many decisions and the question of divorce is no different. Couples are staying together, living under the same roof, because their family income has been cut in half or in some cases eliminated altogether. It takes special people at the most difficult time in your lives to continue to co-exist under these circumstances.

With housing prices slow to recover, a couples’ equity in their home has often significantly decreased. Often, families are forced to stay together in the same home even after the divorce decision has been made; waiting months, sometimes more than a year, for their house to sell. What kind of environment are we subjecting our children and family to, continuing to live with a partner that we no longer want to be with, solely for the money?

Properties, including investment and retirement portfolios have decreased, in some cases more than 30%. Should you stay together hoping to upgrade the pie that you will split? Is that realistic? Does anyone know how long that will take or when that will actually be?

Now if we place emotional security above financial stability, the decision to proceed with divorce is often a resounding “YES”. Women tend to make decisions of the heart and are the ones more often taking jobs or even second jobs they perhaps otherwise would not have, and dads are sometimes staying home with the kids.

If one of you does move out, there may still be mortgage payments, and now there may be rent for the partner who has left. If you can’t sell the house, then one of you retaining it at a lesser valuation may, over time and as prices rise, be a smart financial decision; will keeping the house instead of other assets, in the long run have been the better financial decision?RRSP

If portfolios are divided during a recession, then one partner may end up with the share of the pie that rebounds more slowly; if you are the fortunate one, much more quickly. Are you willing to take the financial risk for your emotional health?

 

Money matters during a recession are often the overriding theme in a marriage. During turbulent times in a relationship, the decision to end a marriage is a double-edged sword. Will we sacrifice our emotional well being if we stay? But then again, can we afford not to?

By | May 31st, 2012|Assets and Liabilities|0 Comments

Finding Comfort Over Uncertainty

Comfort Over Uncertainty

 

Comfort is born of understanding and knowledge. With this in mind, we guide our clients understanding of cash management, risk management, investment planning, tax reduction strategies, retirement planning and estate planning.

But before we set you on your way to financial independence, we carefully assess your settlement relative to your life’s aspirations. This is the essence of good financial planning. It is the process of converting “what you have” into “what you need”.

Once we have assessed your needs, we prepare a detailed plan of action, and we remain always available to provide support as you gain confidence and begin to secure your future.

We provide guidance in six critical areas of personal finance:

  • Cash Management
  • Risk Management
  • Investment Planning
  • Tax Reduction Strategies
  • Retirement Planning
  • Estate Planning
By | May 31st, 2012|Income and Expenses|0 Comments

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