Money can be a battleground in a divorce, but it doesn't have to be.
As the Financial Specialist in your divorce case, Tracy is a neutral person, neither favoring you or your spouse. She works with you to gather the data and supporting documents for your Assets, Debts, Income and Expenses. She will work on immediate financial concerns with you - i.e. paying bills, temporary support, use of the credit cards, etc. And then gather and produce all the necessary financial reports and paperwork in preparation for meeting with your attorney(s). Her fees are much less than attorney rates, and help to make the process more efficient and affordable.
Having a neutral financial professional in your divorce process gives confidence to each of you that there are independent eyes reviewing your situation, that all assets have been fairly valued, that all relevant information has been disclosed, that tax consequences considered, that future financial impact analyzed, and that now you (the parties) can make informed choices. Making informed financial decisions is paramount to a successful financial outcome, and integral to the collaborative process.
As a part of this process, Tracy will guide you into looking at your individual financial life after the divorce. It's easy to become focused on the financial picture for the current year. A good financial specialist will focus on the current year and five to ten years into the future. It's important to ask some relevant questions like...
If you choose to stay in the primary residence, will you be cash poor?
If you sell the house, will there be capital gains taxes owed?
Is there a transition plan for a spouse returning to the workforce?
Do you want to pay for your children's college education? Can you afford to?
What assets will you have to retire on?
Using specialized software, Tracy is able to run multiple property division scenarios ("what-if" scenarios) for you and your attorneys to review and discuss. She is also able to run realistic Income/Expense budgets with your tax filing status post-divorce. Planning and budgeting throughout the process gives you assurance of how your financial future will look post-divorce. This is one of the beauties of collaborative divorce as a no-conflict alternate solution to the trauma of adversary divorce!
Education
- Bachelor of Science, Business Administration, California State University, Long Beach, CA
- Certified Financial Planner Board Exam, January 2005
- Securities License Series 6, 63, 65 and 7
- California Insurance License 0D63613 for Health and Life Insurance
Memberships
- International Academy of Collaborative Professionals
- Collaborative Divorce Services of Coachella Valley
- Collaborative Divorce Solutions of Orange County
- Financial Planning Association
Personal Statement
"I am a child of a litigious divorce. My parents separated when I was fifteen and continued the divorce fight for the next 3 years. After 2 property division trials in front of a judge (the first trial was declared a mistrial by the judge), they finally signed the Final Judgment. During those 3 years, my mother went from a size 8 to a size 0 from the money worries and divorce stress. My mother did what I now know as 'parent alienation' with my sister and I towards my father. My father requested a 'bifurcation' so he could remarry right away, and then proceeded to make his first family second, and his second family first. I experienced firsthand, bad parent behavior, and the pain of a litigious battle in court.
When I became a Financial Advisor, I learned about the specialty practice of 'Certified Divorce Financial Analyst ™'. This is a financial professional (usually a Certified Financial Planner® or a CPA), who has a niche practice helping couples resolve their financial concerns and help divide property during the divorce. I have chosen to implement my specialty in a non-adversarial way... namely, couples choosing mediation or collaborative divorce.
This is the work I'm blessed to do. I do not wish divorce upon anyone. However, when the divorce must happen, consider allowing me to walk you through the financial issues of your divorce with expertise, compassion, and respect."
You can contact collaborative divorce accountant Tracy McKenney at (714) 505-6161.
Website: