Baltimore Mediation Services


Sheila Russian

Divorce mediation includes financial issues.    Frequently, people need to figure out what they will be able to afford.  Keeping track of expenses and creating a realistic budget is helpful. People often need to think about the cost of insurance, rent, mortgage, health care, college tuition, taxes, food, automobiles, children's activities, memberships, commuting, as well as how to file taxes, dependency exemptions, finance college for children, social security benefits, and plans for retirement.  Decisions are made that often affect people's finances current situation, as well as their financial well being far into the future.

These important decisions involve choices and risks. For example,  you may own a car that needs frequent repairs. Is it better to keep the unreiliable car and risk exhorbitant bills for repairs, or is it better to buy a new or  used car  which will involve a monthly payment?   Is it better to rent an apartment or arrange a buy out?  What are the advantges and disadvantages of each option?  Sometimes people only need to do some research at the library or on the web to answer these kinds of questions.  Sometimes consulting a financial planner is appropriate.

Finanncial plannners have a variety of backgrounds.  Some are regulated and licensed; others are self taught without any standard credentials.   Some of the most common types of financial planners are:

Certified Public Accountants (CPA's)

Certified Financial Planner (CFP)

Charted Financial Consultant (ChFC)

Chartered Finacial Analyst (CFA)

Chartered Life Underwriter (CLU)

Divorce Financial Planner (DFP)

Divorce mediation helps people make decisions.  The advice of a financial planner may be able to help you better understand your options and make informed decisions. Click here for a site that has useful information for consumers about how to choose a financial planner and specific issues related to divorce.

 

 

 



 

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