My Financial Divorce Counselling Services

I am retiring and I am not only taking on new clients. 

For my services as a Chartered Financial Divorce Specialist, I am no longer taking on new clients, but if you have questions that may have brief answers that I can  answer by email or phone, contact me from my Contact page and I will try to give you some direction.  For PEI residents who are having an amicable break-up, I may also be able to meet with both of you to assist in explaining the financial options to you and perhaps guide you so that you can mediate a fair solution at minimal cost.  You can continue reading to see how I have approached my service delivery in the past, and perhaps to obtain hints for what to look for in an advisor.

Role of a Chartered Financial Divorce Specialist

A financial professional, such a Chartered Professional Accountant or a Registered Financial Planner, is the specialist in money matters. A Chartered Financial Divorce Specialist has additional training from the Canadian-based Academy of Financial Divorce Specialists  in financial matters related to separation and divorce. (For my credentials and experience, see my Curriculum Vitae (a PDF file)).   In my opinion, having financial issues dealt with by a specialist in finances rather than a legal expert is more efficient. The figures are provided to your lawyer, your mediator or to you for use in negotiations and decision-making.

The financial professional first plays the role as “fact finder” and “educator” with respect to the money issues.  After your interests and needs are determined, the financial professional can offer options that lead to fair solutions. This helps you understand your current financial situation as well as the future impact of your financial decisions.  However, in my move towards retirement, I ask you to read my articles, and look for someone with education and experience with separation and divorce, including someone that will work with all parties to reach an amicable solution, especially keeping in mind the devastating impact on children that divorce can have.

• Education – Get answers to your financial questions and explanations the importance of money issues so that you understand the implications of your negotiating positions.  It is also important to understand financial implications before accepting offers from your former partner.  For the types of information you should know, see “Questions and/or an Agenda for Your Initial Financial Separation Meeting.” You may also wish to read my article titled, “Overview of Separation and Divorce Issues“, “Separation and Divorce – Step by Step Guidance“,  as well as my other Articles  and Useful Links that my be relevant to you.  Get whatever free information you can get before buying it.  The two key areas where you need to understand what you are doing, or what your advisors are telling you:
  • Child and/or spousal support – Determining income for both parents/spouses/partners based on the Federal Child Support Guidelines, which is used to determine child and/or spousal support.  This is based on personal tax returns and corporate business financial statements.
  • Advice on equalization of family property – Guidance is important on completion of family asset and liability listings needed for separation and divorce, and explaining how to determine and document values.  You can do much of this yourself, but you need to keep as much paperwork as possible to verify the values you use, which will reduce the litigation costs.
• There are many more topics you need to think about also, and it can be overwhelming.  My article, Questions and/or an Agenda for Your Initial Financial Separation Meeting.” lists most of these to guide you.

There are also services that you may need particular specialists to do, such as:

• If you are planning to go to court, you need someone who is willing to be an expert witness, and are confident in their work.  Game-playing is unacceptable, and your expert witnesses are required by law to be objective, which differs from lawyers who are allowed to be biased as your advocate (or that of your ex-).
• Forensic accounting – If you are accusing your partner of not reporting all of his or her business income on tax returns or having assets hidden in foreign countries or in other people’s names, you may need a forensic accountant.  This is special training, beyond that of the average accountant.
• Asset valuations – For net family property listings, you need to report assets at their value at time of separation (or sometimes a trial date).  For certain values, you will need specialists, such as a real estate appraiser for your house and property, a Chartered Business Valuator for business values, and an actuary for valuations of lifetime work pensions.
• One-sided and biased opinions – If you want biased opinions to get more than your fair share (or to get revenge), you are destined for a very expensive process and will do much emotional harm to everyone involved.  Although you may have advisors pushing you in that direction, often to increase their own fees, I highly recommend against it. Warning – very few people are happy with the results of their negotiations, regardless of how fair – payers feel they are paying too much, and recipients feel they are receiving too little.  The fact is that, based on statistics, both parties need to learn to live with a reduction in their standard of living by 25% or more…which is not an easy adjustment.

One piece of advice – you should feel comfortable with your professional team, be able to be open in your discussions and have trust they are acting in your best interests.  Feel free to interview several people if you do not have such comfort.  Your team should be trying to reach a fair and reasonable settlement for you (and your children).  Trying to reach extreme financial or custody arrangements that will unjustly harm the other party will likely be unsuccessful, and significantly increase your fees, often by tens of thousands of dollars (that is not a typo).  My experience is that litigation becomes expensive, frustrating, and psychologically harms everyone, especially children and future family relationships; ultimately, neither parent or spouse “wins.”  Unfortunately, it only takes one unreasonable person and a willing legal team to create this situation.