At Tahoe Rim Wealth Advisors, we adhere to a data-driven three-step process to ensure success in all that we do for our clients. We create customized, comprehensive financial plans for each individual we work with. There are no two financial situations that are the same; therefore, each person requires a unique financial strategy. We are passionate about client education and host regular seminars. Joanna Moran CFP® AIF® CDFA® specializes in investment planning, life insurance, and divorce financial planning. With her experience and your goals, there is no limit in pursuing your financial success.
The role of a Certified Divorce Financial Analyst is to assist clients in making financial decisions during and after the divorce process. They work directly with you and your attorney toward a fair settlement that will take care of both short and long-term needs. CDFA professionals use proprietary software and have specialized knowledge to determine the potential long-term and short-term financial impacts of a settlement. They can create, analyze, and forecast various scenarios to map out a settlement that helps protect your best interests and keep costs low. A Certified Divorce Financial Analyst understands the many financial complexities that come along with divorce. Through client education, your Certified Divorce Financial Analyst empowers you to make informed decisions throughout the divorce process.
Divorce Financial Planning takes the discipline of financial planning and applies it specifically to financial planning strategies in a divorce. It is a stringent process that requires the union of tax planning, retirement planning, and other areas of financial expertise as they apply to divorce. The Board of Advisors created eligibility requirements for the CDFA Certification to reflect that the designation is not entry-level. CDFA Certification is an advanced program and requires specific eligibility. To be eligible for the CDFA certification, individuals must have a bachelor’s degree and a minimum of three years of experience in a relevant field. Without a bachelor’s degree, individuals must have at least five years of relevant experience. Relevant experience includes tax code, investment advisory, real estate lending, life/disability insurance, and financial therapist/coach.
In order to protect yourself financially in a divorce, there are several factors to consider and steps you should take. Each individual has a situation that is unique to them and their marriage. Therefore, there is no one size fits approach to divorce financial planning. For example, it is essential to look at what the shared assets are, if there are children in the marriage, whether or not there are shared accounts, etc. These are just some of the factors to take a look at in a divorce. The most important thing you need to start with is hiring a Certified Divorce Financial Analyst. Other steps that you should begin with include hiring a divorce attorney, opening individual accounts, discussing mortgage or rent payments, taking an inventory of assets/debts, changing your will, and preparing to discuss shared retirement accounts. The fact that you are the sole owner of an investment does not mean that it is completely protected. It is vital to work with an attorney and your Certified Divorce Financial Analyst to ensure you and your assets are protected.
Divorce can feel emotional, complicated, and sometimes even messy. It can be way too easy to find yourself faced with critical financial decisions and making them based on emotions rather than reality. Don’t face this alone. The most important steps you need to take if you find yourself in a divorce situation are getting an attorney and getting a Certified Divorce Financial Analyst on your team. It is imperative that you gather a team of professionals in order to protect yourself and your assets during the divorce process completely. At Tahoe Rim Wealth Advisors, we are passionate about helping individuals tackle some of the most complicated financial situations they might find themselves in, including divorce. We help you get a new start in life and walk with you into your next financial chapter.