FEBRUARY IS THE MONTH OF LOVE BUT LET’S FACE IT – DIVORCE HAPPENS.
Last year, I had the pleasure of presenting Purse Strings to members of NAIFA (National Association of Insurance and Financial Advisers). I provided powerful information on how they can partner with Purse Strings, learn how to engage with the powerful 14 trillion-dollar female market, and grow their business.
After the session, I was sent an email from Susan, a financial planner, who thanked me for the information and told me about her Certified Financial Divorce Practitioner (CFDP) certification and how useful Purse Strings will be for her female clients. The CFDP certification is for financial planners who want to work with men and women going through divorce. Although the divorce rate is going down it is a tough time for women.The Atlantic reports that women see a 20% decline in income when their marriages end.
As a result of Susan’s email, I felt it was important to share information about the roles of Certified Financial Divorce Practitioners, also known as a Certified Financial Divorce Specialists (CFDS),and Certified Divorce Financial Analysts (CDFA).
KEY ADVICE DURING DIVORCE
According to the site Investopedia, a Certified Financial Divorce Practitioner is “a member of the Academy of Financial Divorce Practitioners who is certified in the financial aspects of divorce. A certified financial divorce practitioner (CFDP) looks to explain the financial implications of divorce settlements, such as child support, asset distribution, and alimony.”
The role of the Certified Divorce Financial Analysts (CDFA) differs slightly and includes “acting as an advisor to one party’s divorce lawyer, or as a mediator for both parties. A CDFA uses his or her knowledge of tax law, asset distribution, and short- and long-term financial planning to achieve an equitable settlement.”
The Atlantic reports that women see a 20% decline in income when their marriages end.
A FOCUS ON FINANCIAL ISSUES
The Institute for Divorce Financial Analysts (IDFA™) explains that all of these specialists are specifically trained to help their clients with the distinct financial issues of a divorce including:
- Personal vs. marital property
- Valuing and dividing property
- Retirement assets and pensions
- Spousal and child support
- Splitting the house
- Tax problems and solutions
- Expert witness testimony
- Tax law and financial issues affecting divorce
These specialists can help analyze the financial effects of a divorce settlement and collect and analyze a client’s financial information to present options for budgeting, financial goals, and retirement objectives.
ASSISTANCE FROM PURSE STRINGS
The goal is to help women become financially fearless. I see women all around me who are struggling to make ends meet, or who are working well past their retirement years. I can’t un-see it. I created Purse Strings because, like the little boy in the starfish story I know I cannot help every woman, but I can make an impact on those I can.
Purse Strings offers women knowledge, tools and skills to learn what they need to know to make smart financial decisions for themselves and their families.
But the financial industry needed to step-up as well. Women need these products and services and we need them now. To turn the tide from an industry which lacks a woman’s trust, to one that can honor and serve her unique needs, Purse Strings put together a step-by-step marketing strategy to make it happen.
If you are a woman, work with women, are a friend, sister, or brother to a woman who needs to learn how to make smart financial decisions, join me in helping, one woman at a time, to become financially fearless. Send them to Purse Strings!
A divorce is like an amputation: you survive it, but there’s less of you.
– Margaret Atwood
We will provide you useful and timely information you can use to be #financiallyfearless