Frequently Asked Questions

How will I know which financial documents are important to the divorce settlement?

For those individuals who did not manage the household finances, we tell them to gather up all documents that have numbers on them.  This would include bank statements, tax returns, mortgage statements, retirement statements, insurance documents, stock certificates, real estate papers….the list is forever long.  Every case is different. What may apply in one divorce does not duplicate in another.  So when in doubt make copies of ALL documents with numbers on it.

For those individuals who managed the household finances, don’t think you have it all figured out.  Just providing a spreadsheet noting the values of all the assets is not enough. You will need to provide statements, tax returns, pay stubs, bank statements, pension print outs, retirement (401K, 403 b, 457…) plan statements, and so on.  So to save time and attorneys fee, provide these statements up front.

What will it cost me to use your services?

Just as every family is unique, so is every divorce. With 5 years of experience behind us we can generally give an estimate of the time involved that it will require.  We charge a retainer based on your case and the time we anticipate it will take to request, sort, and compile the financial documents necessary for mediation, court or settlement meetings.  What we always tell our clients, we know what we can control; we never have control over what the other spouse will do.  So the retainer will generally cover our services.  If the retainer is exhausted, we may require another retainer.  Once settlement is reached if any funds remain, we will return it to our client. 

What if I don’t want to go to court? Do I have other options?

Yes! There are four different options to choose from to get your divorce.  If you and your spouse can discuss these options together then you may  be able to protect the integrity of the family, the children and yourselves.

Pro Se (Kitchen Table negotiations): Pro se means “for oneself”.  Some people call it “kitchen table” negotiations, since you represent yourself throughout the divorce legal process.

Collaborative:  In collaborative divorce, both spouses hire their own attorneys, one neutral financial professional and one neutral mental health specialist that works together as a team to reach an out-of-court settlement of all issues.  The shared goal is to reach an agreement that meets the needs of the family members and avoids the financial and emotional costs of traditional litigation.

Lawyer negotiation/litigation:  Litigation is the traditional legal process.  Both spouses hire attorneys to provide legal advice and advocate for their client through negotiation and court hearings.  The spouses generally communicate through their lawyers regarding their positions, proposals and counter-proposals. 

Mediation: Mediation is a voluntary, cooperative process in which you and your spouse meet with a neutral third party, called a mediator, to try and reach agreements.  The mediator can be, but does not have to be a lawyer.  This the process can save some of the financial emotional cost of contested or lengthy divorce proceedings.  The mediator helps the two of you define and resolve your issues to reach agreements.  You exchange information, identify issues, negotiate with one another, and prepare your documents directly with the help of the mediator.  In some states the court system will require a mediation with or without lawyers who have custody or placement disputes regarding their children.  Or unsettled financial issues.

What can a Certified Divorce Financial Analyst do for me?

Not everyone requires an expert financial analyst.  But, even clients who have no assets to split could benefit from the budgeting aspect of working with a specialist.  If you think about it, you and your spouse still make the same income, but now it has to cover two households.  Coulter can work with both you and your spouse and develop a budget and show you ways to cut back and save money!

For all those couples who have marital assets, not all assets are created equal.  The marital home is often the largest marital asset and strategies need to be set into motion to sell, stay in the home and refinance, or buy out the other spouse.  The retirement assets are typically a mystery to the spouse that does not hold the plan(s) with their employer.  This spouse will need assistance with the options of receiving funds from their portion of the plan.

Where a CDFA differs from a CPA is that we look at assets not only in the past and current situation, but in the future as well.  What may look like a fair splitting of assets today may not hold true 5, 10 or 20 years from now.  A CDFA shows you the choices of various settlement options while providing you with the education necessary to make these decisions about your future.

How does the process work?

First we have an initial meeting with you and/or spouse to hear your situation and see if we can help.  We can work with your current attorney or offer suggestions of SC Family law attorneys for you to meet with.  If you do not have an attorney we can put together a financial package and SC Family court financial declaration to take with you to your initial meeting(s) with any potential attorney(s).

If you retain an attorney we work closely with him/her to provide a list of necessary documents to obtain for the discovery process.  Then we review all documents provided by your spouse. If more documents are necessary after review we will provide a detailed  list to your attorney.  Along the way we will look to uncover any hidden assets.  We want to provide you with an accurate accounting of all the marital assets.  Once all documentation is obtained we compile reports necessary for settlement purposes.  We can assist you and your attorney with mediation, settlement conferences, and court if necessary.  We work closely with you to educate you and provide you with various options so you can make educated financial decisions for your divorce.  These are decisions that will affect the rest of your life! Make sure you are well informed and work with a qualified team to assist you.

Can you help me with my taxes?

Although we are not CPA’s or accountants we can uncover potential tax consequences with our Family Law Software.  We have a list of qualified CPA’s and accountants to refer you to for potential tax problems and to file your future tax returns.  For those individuals receiving alimony we highly recommend a meeting with a CPA or accountant regarding taxes that will need to be paid to the government.

Will I be okay?

This is our most common question.  With proper discovery, uncovering of hidden assets, negotiations, and post divorce planning, we can help you decide if you will be okay.  After your divorce we don’t want to send you on your way without guidance.  Ask us about other services we provide and check out our referral book with recommendations of other services from our referral partners.

How will I know how much alimony I will get or how much I will have to pay?

First let us point out that ‘alimony’ is taxable to the recipient and tax deductible to the payee.  To begin with, alimony is based on need and the ability to pay.  So having an accurate budget is crucial for the recipient.  It is also just as crucial to the payee that the budget is spot-on accurate or the recipients budget may be challenged.  This is where we can help develop an accurate financial declaration supported by documentation and a lifestyle historical analysis if necessary.  We will take your bank statements, credit card statements and receipts to recreate a historical accounting of expenses and income used to cover these expenses.

Another point to consider is whether or not the support will be modifiable or non-modifiable.  If it’s modifiable this means that either party can go back to the judge and ask for an alteration if there is a ‘significant change’ in circumstances.  If it’s non-modifiable, this means the judge's door is locked on this issue and neither party can ask for it to be changed at any time in the future.

How much child support will I get or how much will I have to pay?

SC attorneys and judges use the SC Court Child Support Guidelines to determine the amount to be received or paid. Remember these are just guidelines and depending on each case it can be more or less. Click here for a direct link to the calculator.