There are several ways to evaluate a proposed settlement offer. Unfortunately, most people don’t use any form of actual financial analysis. They simply guess!
Some use a general rule of thumb, such as, “I should have 70% of my pre-retirement income when I retire.”
Really? Guessing? A rule of thumb? This is one of the biggest financial decisions you may ever make – and there are no do-overs if you make a mistake!
Without a forecast or a plan, you are not even making educated guesses: you’re throwing darts at a board while blindfolded.
And then there are all the “what if’s” to consider:
- What if my former spouse dies or gets sick and can’t pay agreed-upon spousal or child support?
- What if I lose my job and I can’t afford to pay spousal or child support?
- What if I can’t afford to keep the house, but I also can’t sell it for what I still owe on the mortgage?
- What if my ex agrees to pay off some joint debts but then declares bankruptcy?
- What if the stock market goes down?
At Feldmeyer Financial Group, we take time to discuss your lifestyle and spending habits. We talk about changes that you should make, like getting your own health insurance policy. We discuss your housing situation. Do you want to stay in the house? Can you afford to keep the house? We’ll also talk about the dreaded “what ifs”.
We show you the assumptions we are using in the forecasts and then look at the projected outcomes. We will help you use logic and calculated financial data to make informed decisions about your future – not emotions or guessing or general “rules of thumb”.
We do this by integrating the methodologies of financial planning into the divorce process, providing you with financial data so you can determine the financial impact of a proposed settlement to make sure it works now and in the future.
If you want help evaluating your settlement options, contact our office and request a complimentary initial consultation.
Ben Feldmeyer, CFP®, CDFA®, CLTC® is a Private Wealth Advisor and President of Feldmeyer Financial Group, a private wealth advisory practice of Ameriprise Financial Services, Inc. For more information, please visit the Feldmeyer Financial Group Divorce Magazine online profile.
The initial consultation provides an overview of ﬁnancial planning concepts. You will not receive written analysis and/or recommendations. Ameriprise Financial and its aﬃliates do not oﬀer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their speciﬁc situation. Investment advisory services and products are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial cannot guarantee future ﬁnancial results. Certiﬁed Financial Planner Board of Standards Inc. owns the certiﬁcation marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP (with ﬂame design) in the U.S. The Compass is a trademark of Ameriprise Financial, Inc. Ameriprise Financial Services, Inc., Member FINRA and SIPC. © 2018 Ameriprise Financial, Inc. All rights reserved.