Divorce can be an overwhelming process for many especially with all the numbers and forms required. On this episode of Welcome to Splitsville, we explore an area that can be one of the most daunting parts of a divorce for many: how do you fill out a financial declaration in an alimony case?
Today we’re back with Beth Gregg, Wealth Manager, CDFA, Financial and Divorce Planner, and Managing Partner at Fairview Strategic Partners. If you’re a party to a divorce where you or your spouse is seeking alimony you will be asked to fill out a financial declaration. If you may be a party to a divorce with alimony being a contested issue, today’s conversation is for you.
Beth starts our conversation with some tips for how to best get the documents you need to fill out a financial declaration form. (3:39) Beth then talks about the consequences of leaving off income and how that, even if it is an honest mistake, can create creditability concerns and a very contentious environment which may make it harder to settle. (08:23)
On expenses, Beth recommends creating a more specific budget worksheet with detailed categories that will make going line by line easier. You can then collapse the more specific categories into the categories provided on the financial declaration and keep notes or add extra pages to provide explanations. (10:54)
Beth also discusses how to look at the financial declaration as a forward-looking document to forecast your expenses post-divorce. Things like the need to pay for an additional health insurance policy or child care because one party is now going back to work post-divorce belong on the financial declaration even though they are not a current expense. (16:52)
Beth also discusses common hidden expenses that many parties might leave off their financial declaration and what documents will be needed to get an accurate reflection of those expenses (20:35) Finally, Beth talks about how individual data helps parties when filling out a financial declaration and how people can get that detailed data to help defend their numbers. (23:14)
Beth Gregg, Wealth Manager, CDFA, Financial and Divorce Planner, and Managing Partner at Fairview Strategic Partners, and with LPL Financial. Securities are offered through LPL Financial, member of FINRA, SIPC.
If you have questions about how do you fill out a financial declaration in an alimony case, consult a local family law attorney. If you are in North or South Carolina, you can contact Leigh Sellers and her team at www.TouchstoneFamilyLaw.com
The insights and views presented in “Welcome to Splitsville” are for general information purposes only and should not be taken as legal advice for any individual case or situation. Nor does tuning in to this podcast constitute an attorney-client relationship of any kind. If you’re ready for compassionate and reliable legal guidance on your journey through divorce, contact Leigh Sellers and her team at www.TouchstoneFamilyLaw.com