FIP108. Personal Financial Planning for Divorce- 20 hours. Objectives

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Carol Sherman
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1 FIP108 Personal Financial Planning for Divorce- 20 hours Objectives A divorce is perhaps the most financially disruptive event your clients will ever face, but it doesn't need to devastate their assets and ruin all of your hard work building their wealth you can manage their finances through a divorce and bring them through to the other side. Supportive and reassuring with authoritative, easy-to-navigate information, Personal Financial Planning for Divorce will help you walk your clients through the entire divorce process starting from the time they begin seriously contemplating divorce to the issuance of the final Divorce Decree, including all stages of the legal process and helping them adjust to their new post-divorce financial life. With a focus on the personal financial planning side of divorce and the other issues you need to be well aware of before, during, and after a divorce, author and bestselling financial guru Jeffrey Rattiner helps you manage the process and client expectations, with nuts-and-bolts information on: How to select a divorce attorney How to negotiate and structure a settlement Strategies to safeguard assets in advance of filing for divorce Paying for divorce Income tax and retirement issues Asset and business valuation realities Guidelines for minimizing the damage to your client's assets Payment frameworks for attorneys on both sides Alimony and child support issues Planning for same-sex couple divorces Understanding the financial planning process

Supportive and reassuring with authoritative, easy-to-navigate information, Personal Financial Planning for Divorce will help you walk your clients through the entire divorce process starting from

2 How to effectively plan going forward after the divorce A realistic guide to help you protect your clients financially, Personal Financial Planning for Divorce is filled with helpful planning tips, checklists, forms, and tables to lessen the monetary damage throughout the difficult process of divorce. Chapter 1 The Unthinkable Course Outline After completing Chapter 1, you should comprehend the following: 1. Divorce from a Personal Financial Planning Perspective. 2. Divorce Etiquette. 3. Should You File? 4. Should You Separate or Divorce? 5. Types of Divorce. 6. What Will Others Think? 7. What to Do First: Looking at the Big Picture. 8. Taking the High Road. 9. Regrouping. 10. Informing the Children. 11. Coming to Grips with the Reality of the Situation: Representation. 12. Hiring an Attorney. 13. Involving Others: Your Support Team. 14. Becoming Too Passive. 15. What to Do Before You Leave Home for Good. Chapter 2 Minimizing the Damage After completing Chapter 2, you should comprehend the following: 1. Negotiating Your Way out of a Trial. 2. Early-on Negotiations. 3. Can You Negotiate What You Want? 4. Negotiating through Your Lawyer. 5. Last-Minute Negotiations: The Settlement Conference. 6. Take Care of Yourself It s All About Me. 7. Take Care of Your Family. 8. Protect Your Mail. 9. Protect Your Computer.

Chapter 1 The Unthinkable Course Outline After completing Chapter 1, you should comprehend the following: 1. Divorce from a Personal Financial Planning Perspective. 2. Divorce Etiquette. 3.

3 10. Close Joint Accounts. 11. Utilities. 12. Establish Your Own Credit. 13. Protect Your Separate Property. 14. Filing a Tax Return. 15. Relief from Joint Liability. 16. Temporary Support Agreements. 17. Reentering the Workforce. Chapter 3 Paying for Divorce After completing Chapter 3, you should comprehend the following: 1. Costs Involved. 2. What Should You Pay for in the Divorce? 3. How Long Will You Have to Pay These Expenses? 4. Creating a Budget. 5. Analyzing Your Income. 6. Going Solo. 7. Joint Assets. 8. How to Pay for It: Avoid Paying for Your Ex s Legal Fees. Chapter 4 Plan of Attack: Let the Games Begin! After completing Chapter 4, you should comprehend the following: 1. Taking Your Ex Out. 2. Litigation. 3. Anything Other Than Litigation. 4. Mediation. 5. Collaborative Divorce. 6. Arbitration. 7. The Preliminaries: Gathering the Evidence. Chapter 5 Alimony and Child Support Issues After completing Chapter 5, you should comprehend the following: 1. Alimony: Maintenance and/or Spousal Support. 2. Alimony Recapture: Too Much Alimony Paid Too Soon.1 3. Child Support.

4. Creating a Budget. 5. Analyzing Your Income. 6. Going Solo. 7. Joint Assets. 8. How to Pay for It: Avoid Paying for Your Ex s Legal Fees. Chapter 4 Plan of Attack: Let the Games Begin!

4 Chapter 6 Divorce Can Be Taxing! After completing Chapter 6, you should comprehend the following: 1. Property Settlements. 2. Filing Status. 3. Sale of the Principal Residence. 4. Like-Kind Exchanges under IRC Section Tax Credits Regarding Children. Chapter 7 Retirement Plans After completing Chapter 7, you should comprehend the following: 1. Vesting Rules. 2. Types of Retirement Plans. 3. Understanding Qualified Domestic Relations Orders (QDRO). 4. Valuation of Retirement Plans. 5. Determining How Much of the Valuation Is Your Share. 6. Using Retirement Assets to Buy Out or Balance Out Equity. 7. Your Ex s Remarriage or Death and Your Vested Pension Benefits. 8. Discovery of Retirement Plans. 9. Common Mistakes Pertaining to Retirement Plans. Chapter 8 Valuation Issues After completing Chapter 8, you should comprehend the following: 1. Property Division Issues. 2. Common Law versus Community Property. 3. Closely Held Business Valuation. 4. Stock Redemptions. 5. Partner Liquidations. 6. Stock Options. Chapter 9 Redesigning Your Personal Financial Plan after the Divorce After completing Chapter 9, you should comprehend the following:

Types of Retirement Plans. 3. Understanding Qualified Domestic Relations Orders (QDRO). 4. Valuation of Retirement Plans. 5. Determining How Much of the Valuation Is Your Share. 6.

5 1. The Personal Financial Process. 2. The New and Improved Game of Life: Executive Summary. 3. Designing the Personal Financial Plan. 4. The Personal Financial Planning Disciplines. Chapter 10 Afterward: The 25 Steps to Future Success After completing Chapter 10, you should comprehend the following: 1. Financial Planning Responsibilities That Need to Be Followed Up. 2. Other Critical Issues That Need Your Follow-up. Chapter 11 Planning for the Same-Sex Couple Divorces: Issues Specific to these Couples After completing Chapter 11, you should comprehend the following: 1. Domestic Partnership Agreement/Cohabitation Agreement. 2. Last Will and Testament.

Chapter 10 Afterward: The 25 Steps to Future Success After completing Chapter 10, you should comprehend the following: 1.

The family house Whether one spouse will remain in the home or it will be sold needs to be determined.

The family house Whether one spouse will remain in the home or it will be sold needs to be determined. Divorce Issues Overview As with other major events in life, the divorce process may be one of the most emotionally difficult. Family concerns and sensitive emotional issues come to the forefront and are