EBS is well suited to address the unique needs of a client or family member dealing with the emotional and financial uncertainties of divorce. EBS’s internal team includes a licensed attorney and Certified Divorce Financial Analyst with experience litigating family law matters since 2000. Through education, resources, and planning, EBS strives to help reduce anxiety and stress prior to, throughout, and after the divorce process. We are also a resource to preserve non-marital assets in the event of inheritance or during prenuptial planning.
Checklist for Collaboration With Professional Team:
- Identify issues, decisions to be made, and consequences.
- Organize assets, debts, and other financial information.
- Review investment and retirement assets.
- Identify hidden or overlooked assets such as deferred compensation or stock options.
- Trace and preserve separate property assets.
- Prepare financial and property affidavits.
- Prepare personal and business cash flow and budget analysis.
- Identify factors that increase/decrease value of family business.
- Develop proposals for division of assets, debts, child/spousal support, and retirement income based on needs and goals.
- Analyze tax consequences of asset/debt division proposals.
- Retitle personal and retirement (IRA, 401k, 403b, pension) assets through preparation of transfer documents.
- Prepare a detailed budget and financial plan for management of post-divorce assets.
- Should I leave my home / Will I be able to stay in my home?
- What documents do I need to collect for my attorney?
- Can my spouse cancel health, car, or life insurance?
- What is separate property and what is marital property?
- Will my spouse hide assets or fully disclose income?
- How will the divorce impact taxes?
- Is the division of assets fair; Who is responsible for debt?
- Can my spouse declare bankruptcy?
- How much will I have to live on and will it be enough?
- Do I need to re-enter the workforce or change jobs?
Common Costly Mistakes:
- Failure to seek a property division in excess of 50% of assets.
- Inequality of asset division due to tax or depreciable assets.
- Inadequate tracing of separate and non-marital assets.
- Failure to consider income that may be generated from assets.
- Errors in business valuation calculation and/or double dipping.
- Failure to protect future support or property division payments.
- Failure to consider post-divorce cash flow.
- Failure to assure a Qualified Domestic Relations Order is prepared and accepted by the retirement plan administrator.