Design Your Divorce
Let me ask you a question. Do you know what your financial situation will look like after you divorce? Or are you like most guys relying on their attorney to hammer out a “the deal of the century”?
How confident are you that you won’t get screwed over by your wife (who says she wants to settle yet may be sneaking behind your back with the intention of taking you for everything you are worth) or by her pit bull attorney who wants to drag things out? Cha ching!
Listen, you are not alone. Most guys are clueless about how to divorce. But that doesn’t have to be you. Learn from other’s mistakes to design a divorce that is protects your lifestyle without screwing over your wife.
When you were born you did not know how to walk, talk, drive a car or even read. You learned these things WHEN you needed to learn them. Well NOW is the time to learn how to create a Divorce Blueprint that helps you maximize your assets and income while minimizing your debts and taxes.
And you don’t have to be an expert at it…
You just need to know what one is and how it may help you and then just like the CEO of a business you delegate the details to your highly specialized team of experts. Yet in this case it will be much easier than that for you.
Let’ talk about leverage for a minute and why it is important to you as you go through your divorce.
Leverage allows you to do more with less time and effort of course. The best way for you to leverage your time is to get help when it comes to your divorce…but not just any help. You need someone who is going to help you get real RESULTS!
All successful business owners know they can’t go it alone. They have to get help to realize their goals. The same is true when it comes to your divorce. You have to get some help and it all begins with gaining complete clarity about your finances and your goals.
Creating a Divorce Blueprint for you and your spouse to work off of will help you “build” a fair and equitable settlement. Sort of like when a builder uses a blueprint to build a house. It can save you a lot of time and fees and help you create a fair and equitable settlement while sparing your children from a lot of pain.
What is a Divorce Blueprint?
It is very similar to a financial plan but in this case is a divorce financial plan. Your assets and liabilities are listed along with your income and expenses and tax information. Various assumptions are made as to inflation, interest rates, tax rates and growth rates.
The goal is to create a fair and equitable settlement by first dividing the assets and liabilities and then determine child support and any alimony if applicable. Once that is completed we can project into the future what each parties net worth and income may look like net of taxes.
This is a good starting point and helps both sides to “see the money.”
Nailing down the financial issues in this order helps to determine how much income is needed for your children and if any alimony is needed.
Getting the financial issues agreed to first will spare your kids from being used as pawns. The custody issues may be worked out AFTER the money issues are handled (unless there is eminent danger to there health and well-being and if so seek legal advice immediately).
It’s time to “Show her the money!”
You do that by being totally honest and transparent at the start. To do that requires you to gather all of your financial information including your credit report.
In order to show her the money we must have credible asset values. That means you will have to have some of them appraised by various experts and she has to agree to that valuation. Most likely she will hire her own experts and the values will be determined by taking the average. You have to have these figures BEFORE your CDFA(TM) can finalize a Divorce Blueprint for you.
Most of the time couples do not have a budget in place and that is one of the reasons why there has been stress in the relationship. Many of the therapists I know acknowledge that most marital problems stem from financial issues.
Both of you want to know:
1.Can I make ends meet?
2.Can I maintain my standard of living?
3.Is my spouse getting rich?
4.What can I do without?
5.Who will pay for health insurance and many other financial questions?
Often times each party feels that the other one is doing really well. Your Divorce Blueprint may allow you to present graphic proof (that is substantiated with verifiable documentation such as bank statements, appraisals, tax returns, etc.) of the actual financial situation of BOTH sides.
That can help you get to a settlement much sooner.
A well-crafted Divorce Blueprint can address these issues for you in advance so that you may see what it could look like for both of you and hence make informed decisions.
Scott Martin is a Certified Divorce Financial Analyst(TM) and expert on the financial aspects of a divorce and coaches men to receive the maximum income and assets from their divorce. Free Report: Divorce Tips For Men That Women & Their Attorneys Don’t Want Published