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Alberta divorce finances 2(1)
1. Bringing Financial Clarity to Your Divorce
Alberta Divorce Finances
15-11625 Elbow Drive SW., P.O. Box 83030
Calgary, Alberta, T2W 1G0
(403) 703-7176
www.albertadivorcefinances.com
2. Why do I need a CDFA™? (Part 1 of 2)
The Institute of Divorce Financial Analysts recommends a CDFA™ for the
following reasons:
• Analysis conducted early in the divorce process can save time.
A Certified Divorce Financial Analyst™ (CDFA™) can explain all financial aspects
of the pending decisions and help to empower their client to make educated
decisions throughout the proceedings.
• A CDFA™ can help their client save money during the divorce process.
By using a CDFA™, you can have a clearer view of your financial future to
approach a legal settlement that fully addresses your financial needs.
• A CDFA™ can help their clients to avoid long-term financial pitfalls related
to divorce agreements.
Working with a client and their attorney, a CDFA™ can forecast the long-
term effects of the divorce settlement including details of all tax liabilities
and benefits.
• http://www.albertadivorcefinances.com/faq-answers.htm#need_a_cdfa
3. Why do I need a CDFA™? (Part 2 of 2)
• CDFA™'s can assist their clients with developing detailed household
budgets to help avoid post-divorce financial struggles.
A CDFA™ can help clients think through what the divorce will really cost
in the long run and develop a realistic monthly budget during the
financial analysis process.
• Using a CDFA™ can reduce the amount of apprehension and
misunderstanding about the divorce process.
Misinformation and misconceptions about the divorce process can be
detrimental. Many have false expectations that they will be able to
secure a divorce settlement allowing them to continue with their
accustomed style of living. Financial divorce analysis helps to ensure a
good, stable economic future and prevent long-term regret with financial
decisions made during the divorce process.
http://www.albertadivorcefinances.com/faq-answers.htm#need_a_cdfa
4. Do I want to keep the house?
• Keeping the matrimonial home is often the one item of matrimonial
property where our emotions cloud the ability to make sound financial
decisions more so than in any other area. We often feel overwhelmed
at the thought of moving. We want to retain the home for stability for
our children. Retaining the matrimonial home after divorce should of
course be a sound financial decision. Do you know what it costs to
maintain your home? Do you need to renegotiate a mortgage and if
so, would you qualify? Are you prepared for the workload that comes
with maintaining a home on your own? These are all questions that a
trained CDFA™ can help you review and resolve, but that must be
considered before determining that keeping your home is the right
decision in your divorce settlement.
http://www.albertadivorcefinances.com/faq-answers.htm#keep_the_house
5. Will I get child support?
• Visit the Canadian Department of Justice Website for information
concerning child support. For interpretation and clarification of
this information, you should consult a family lawyer.
http://www.albertadivorcefinances.com/faqs.htm#child_support
6. What about my spouse's pension? (Part 1 of 2)
• Pension benefit accumulated during the marriage is most
often considered marital property. Pension valuation in the
case of a Defined Benefit pension plan is complicated, and
after discussion with a CDFA™, an actuary specializing in
pension valuation will have to be consulted.
• When contemplating what assets to take in a divorce
settlement, one must consider at least a few factors with
respect to a spouse's pension.
http://www.albertadivorcefinances.com/faq-answers.htm#spouse_pension
7. What about my spouse's pension? (Part 2 of 2)
• Firstly, if you need cash now, pension money will not be available
today; it will be transferred usually to a locked-in retirement
account for you for many years (the particular pension
administration of the spouse's pension must be reviewed).
• Secondly, do you have a capable financial broker who can wisely
help you invest these funds?
• Thirdly, in the overall picture of your financial situation both from a
cash flow perspective and a property perspective, is this in your
best interest?
Pensions are often one of the most complicated areas of marital
property division, and care should be taken before making the
decision about including a portion of this asset in your division
settlement.
http://www.albertadivorcefinances.com/faq-answers.htm#spouse_pension
8. I know nothing about our family finances. Where do I
begin, and will I still get a fair settlement in my
divorce?
• First of all, take a deep breath.
• Second, consult a CDFA™ or your accountant so that you are prepared to
meet with your lawyer. You will be asked to collect information and
documentation on every bank account, credit
card, investment, mortgage, pension, and any other asset or liability of your
marriage. This can be an overwhelming task, but when most people sit
down with pen and paper and make notes on anything they can think of in
this area, they actually have more information with respect to their
property than first thought. Begin to make notes on everything you can
think of, it will help your CDFA™ and lawyer immensely. This will at least
provide you with a good start; the professionals will guide you from there.
http://www.albertadivorcefinances.com/faq-answers.htm#family_finances
9. What is a legal separation agreement?
• A separation agreement is a legally binding contract between
spouses (married or common-law) or ex-spouses setting out the
terms of their relationship after separation (or the decision to
separate). This agreement often deals with how property (and
debts) will be divided between the spouses, spousal support, child
support, child access and other issues.
http://www.albertadivorcefinances.com/faqanswers.htm#family_finances
