A Financial Guide to Divorce: Tips from an Advisor | The Financial Commute (Ep. 102)

On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Jenn Caruso to discuss how to financially prepare for a divorce and how a Certified Divorce Financial Analyst (CDFA) can help.

Here are some key takeaways from their conversation:

As a Certified Divorce Financial Analyst herself, Jenn explains that CDFAs can help clients understand the complex nuances of financial impact before, during and after a divorce.
Before the divorce process actually begins, it is best to get organized, locate important documents and assess one’s financial situation.
Jenn emphasizes the importance of cash flow planning and modeling different settlement options to ensure long-term financial stability.
It is helpful to have an objective party involved like a CDFA, as they can mitigate the risk of making emotional decisions which can potentially lead to mistakes.
After the divorce, Jenn suggests reviewing and updating estate documents, insurance policies and financial plans.
Alimony is no longer tax-deductible or considered taxable income for divorces finalized after 2019, except in California where certain exceptions apply.
A frequent mistake people make is wanting to keep the family home purely because of sentimental reasons, when it may not be financially sustainable.

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‍Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.

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