Financial Planning – Loretta Hutchinson

If you’re like us, you didn’t want to face your financial realities on paper. If you’d known divorce was in your future, you probably would have paid more attention to this area of your life. Typically, one person in the family manages the finances and someone else does the kids.

So, you’ve never done a financial plan. A CDFA or Certified Divorce Financial Analyst is someone who is good at looking at the numbers in a divorce situation and transition, depth. This person is different from an attorney or a tax accountant and can be a better resource for divorce.

A financial affidavit is a legal document. A financial plan is personal. It’s your plan as a single adult. You factor in assets or income and plan for a stream of income short or long term. A CDFA will tell you what documents to gather to paint a picture of what your lifestyle will demand. You would negotiate your divorce differently if you have a good financial picture. Maybe you’re negotiating to stay in the marital home. A financial Plan will tell you how long you can stay, or help you find income to stay as long as you need.  

About the Author Barb & Jo

Through the process of our own divorces, Barb Hazelton and Jo Briggs learned more than they ever needed or wanted to know. Through their friendship, shared experiences, and connections through navigating their own divorces, they created this video series. They've been where you are and they hope Single Process can make it easier for you by connecting you to their resources.