6900 College Blvd, Suite 830, Overland Park, KS 66211
913-291-0011
kb@midwestdivorcemanagement.com

 

Process & Information Needed

Process & Information Needed

A Certified Divorce Financial Analyst® has mastered specialized training in the financial, legal, and tax aspects of the divorce process to better serve divorcing clients.  
 
Because many costly mistakes can be made when going through a divorce, it's important to seek the advice of professionals who will help you work to achieve the objectives you've set.  Defining objectives is where a working relationship with Midwest Divorce Management, Inc., begins. A Certified Financial Planner® practitioner and Certified Divorce Financial Analyst®, Katherine Badertscher will help you define your financial objectives, provide financial analysis of cash flows, as well as tax and financial assessment of settlement proposals being prepared and negotiated.
 
In her work at Midwest Divorce Management, Inc. Katherine can assist you in your understanding of and comfort with the many aspects of your financial well-being and future financial health that is being discussed.

PREPARING FOR DIVORCE

  • When preparing for your divorce, feel free to consult with me so as to better understand what financial documents will be needed throughout your divorce
  • In working with you on the financial aspects of your divorce, it is important that you are able to gather and share these documents & details with me
  • This information will be used as the building blocks for developing your financial assessment and provide me with the material needed to evaluate your financial position, create and review division of asset proposals, as well as evaluate settlement offers made, as related to your divorce.
  • Your financial affidavit will be important at every step throughout the divorce and its creation will be critical to "get right".
DOCUMENTS NEEDED

Personal Information

  • Interview, select, & connect professionals you'll hire to work for you
  • Get a copy of your credit report & resolve any credit issues
  • Assess and estimate living expenses
  • Set a reasonable budget
  • Open accounts in your own name

Financial Information

  • Brokerage Statements/Investment Accounts
  • Bank Statements and Tax Returns
  • Statements of Outstanding Debts
  • Social Security Statements
  • Retirement Plan Information, including 401(k), IRAs, & Pensions
  • Insurance and/or Annuity Policies

Wages and Income Information

  • W2
  • Employment contracts
  • Stock Options
  • Employee Stock Purchase Plans
  • Employee Benefit Information;
    • Health Insurance, Health Savings & Flexible Savings account, company car allowance, etc

Property Information

  • Property Titles; home and auto
  • Property Tax Documents
  • Mortgage and HELOC information
  • Wills and Trusts

DURING THE DIVORCE PROCESS

During the divorce, I will work closely with you, (and if your attorney, if you've hired one), to provide various analyses of your financial position as well as evaluate near-, mid- and longer-term implications of proposed settlement offers.
At this stage, we also evaluate your insurance needs to help manage risk.
  • Analyze long-term cash-flow
  • Review settlement proposals with your Financial Advisor to evaluate its impact on your financial well being and/or develop alternate proposals
  • Explore the impact of critical choices, such as selling your home before or after the divorce
  • Work with your attorney to provide expert financial testimony, in court, as needed
  • Evaluate insurance needs

AFTER THE DIVORCE IS FINALIZED

After your divorce is settled or litigated, the sole focus is providing financial planning and investment management for your future. This is when we can develop/refine goals and objectives to meet your future needs.
Amongst other things, this stage of financial planning likely includes asset transfers and portfolio development.
Through my work at Security Financial Advisors, Inc., as a securities licensed Investment Advisor Representative, I'm able to provide investment advisory, investment portfolio development, and wealth management services.
  • Work with your Investment Advisor to open an IRA Rollover to receive retirement assets
  • Work with your Investment Advisor to oversee asset transfers
  • Work with your Investment Advisor to review and adjust your portfolio, as necessary
  • Work with your Investment Advisor to be sure your Social Security plan is in place
  • Develop an updated household budget with the assistance of your Investment Advisor
  • Update beneficiary designations
  • Meet with an estate-planning attorney to revise your Will, change medical directives and powers of attorney - referrals provided
  • Transfer titles and property interests - referrals provided
  • Obtain or modify health insurance coverage - referrals provided
  • Obtain new property and casualty insurance for auto, homeowners, etc - referrals provided
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