Why Choose a Specialized Financial Professional to Get You Through Your Separation
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Are you feeling overwhelmed by the financial complexities of your separation? A separation is one of the most stressful and emotionally taxing experiences a person can face. There are so many moving parts, from legal proceedings and asset division to figuring out child arrangements and navigating your new financial reality. While many professionals can offer assistance, choosing a specialist who truly understands the emotional and financial intricacies of separation and divorce can make a significant difference.
If you are going through a separation, here is why you should consider working with a financial professional who specializes in these complex situations.
Precision in Financial Disclosure and Reporting
As a CPA, CA and a CFDS, my work focuses exclusively on the financial aspects of separation. A CPA, CA is an accountant who holds the legacy Chartered Accountant (CA) designation in Canada, which has now been merged into the single Chartered Professional Accountant (CPA) designation. A CFDS is a Chartered Financial Divorce Specialist, a financial professional who provides objective analysis of the financial aspects of separation and divorce. A CFDS does not provide legal advice but offers financial advice about asset division, support calculations, and financial scenarios to help clients make informed decisions and arrive at a cost-effective and tax-efficient settlement.
My work includes the professional preparation of legally mandated financial statements, giving you the confidence that your matter is built on a solid, legally sound financial foundation. The financial statement is one of the most critical documents in your separation. It is a sworn legal document that lays out your entire financial life—from your income and expenses to your assets and debts.
I do not just advise on the numbers. I work with you to meticulously prepare these crucial financial statements. My role is to ensure that your financial disclosure is:
- Accurate:
- We will gather and analyze all necessary documentation—to ensure every number is precise and defensible.
- Complete:
- I will help you identify and value all assets and liabilities, including those that are often overlooked, such as pensions, stock options, business interests, and related tax implications.
- Compliant:
- I have extensive experience with the legal requirements for financial statements in family law proceedings, ensuring your forms are completed correctly and on time, which can save you significant legal costs.
Expertise in Financial and Tax Implications
Also, as a CPA, CA, and a CFDS, I have a deep understanding of the unique tax laws and financial strategies that apply specifically to divorce. This can be overlooked when working solely with a family lawyer. My role is to consider:
- Asset and Liability Division: I can help you accurately value and divide assets like property, investments, pensions, and businesses.
- Spousal and Child Support: I will provide a clear picture of the financial implications of support payments, helping you understand your obligations or entitlements.
- Tax Planning: Separation can significantly change your tax situation. I can help you plan for these changes and ensure you are making the most tax-efficient decisions during this transition.
Objective Financial Partners is an advice-only financial planning firm. We do not sell investments or insurance. So, our CFPs and tax preparation accountants can provide additional services with no conflicts of interest.
Focus on Resolution, Not Conflict
My goal is to help you achieve a reasonable and sustainable resolution as efficiently as possible. I am committed to working with you to uncover constructive solutions and avoid unnecessary conflict. My specialized knowledge allows me to provide objective, third-party analysis of your financial situation, which can often bridge the gap between parties and lead to a more amicable and timely settlement – where your needs are heard and you are part of the resolution.
A Coordinated and Collaborative Approach
Separation is not just a legal issue; it is a financial and emotional one. As a specialist, I am experienced in working collaboratively with other professionals on your team, such as your family lawyer or mediator. By combining our expertise, we can create a comprehensive strategy that protects your interests and helps you build a stable financial future. My role is to serve as a financial guide, translating complex financial concepts into clear, understandable terms so that you can make informed decisions.
Fixed fee options are available with full transparency, and no surprises. Making the decision to work with a professional who understands the specific challenges of separation is an important step toward securing your financial future. If you would like to discuss your unique situation and learn how I can help, feel free to schedule a consultation.
This article is intended for educational purposes only and does not constitute personalized advice. The strategies and information discussed may not be suitable for your individual situation or may not be up-to-date and current. Please seek guidance from a licensed professional for advice specific to your circumstances.
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