Media Release: March 1st 2005
Not to death do us part
Increase in later life divorces prompts
need for Financial Divorce Specialists
For more and more Canadians entering or near retirement the prospect of growing old together is being shattered by divorce. Recent statistics show a growing number of older couples untying the knot and experiencing a whole new set of financial problems, besides having to deal with the inevitable emotional and physical upset of a marriage breakup.
Akeela Davis, author of the book “Your Divorce – Your Dollars” says older couples face monetary concerns that almost always require detailed analysis to ensure that assets often built up over a lifetime together are divided to the satisfaction of both parties for their future economic well-being.
Linda Cartier, President of the Academy of Financial Divorce Specialists, says that while child support is not generally a concern with older adults contemplating divorce, spousal support is almost always an issue and the valuation of pensions and property is of major concern.
Davis, and Cartier of Sudbury Ontario, established the Academy of Divorce Specialists to help financial professionals deal with the specific financial issues related to divorce. They developed a totally Canadian training course which is available to financial planners and/or accountants with a recognized industry degree or accreditation such as a CFP or CA. A special designation of Chartered Financial Divorce Specialist (CFDS) is awarded upon successful completion of the course which involves specific exams and a variety of case studies.
The course is available through Internet self-study and/or in-class sessions. Participants can enroll in the self-study program at any time, while the in-class sessions are generally once or twice a year. Dates for the courses and complete course details are available on the Academy web-site at afds.ca.
Chartered Financial Divorce Specialists, do not give legal opinion or advice, but through the use of specialized financial software, can provide objective asset division evaluation which can be of invaluable help to lawyers and mediators. A growing number of lawyers are recognizing the value of having a financial professional provide insight into the many areas related to the division of property and support in order to avoid costly financial mistakes.
It is generally accepted that assets are split 50-50 in a divorce, however various assets may have different values, depending on a number of factors including present and future taxation. In many cases there are continuing support issues, pension considerations, multiple properties and business interests. Retirement and Estate Planning also is often an important part of the Separation and Divorce scenario.
Cartier and Davis, feel that every financial firm should have at least one, and preferably two Financial Divorce Specialist to handle situations that arise with the clients of other advisors. These situations are always best dealt with by an expert objective third party who will return the clients to their former advisor following the divorce settlement. With an increasing number of older adult divorces taking place there is need and those qualified will be in demand.
Further information: Linda Cartier – 1-888-893-7526 or by e-mail at info@afds.ca
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