The Paskal - Hyman Team - RBC Wealth Management

The Paskal - Hyman Team

Steven and Laura believe that gender sensitivity is paramount in the area of divorce. It is for this reason that they felt it important to form a male-female team to tackle the financial issues of divorce.

They are able to work in all models of divorce. Laura and Steve have trained in all three options for couples contemplating divorce: litigation, collaboration, mediation. They can even be consulted, at the earliest stages of divorce. The below articles highlight important differentiations amongst the three methods.

Collaborative Divorce and Mediation Comparison

The Divorce Analysis Concept

In addition to being Accredited Wealth Managers, we also hold the Certified Divorce Financial Analyst™ (CDFA) designation. Although not required to hold this certification as financial advisors at RBC Wealth Management, the additional skills and expertise greatly benefit our clients. As CDFAs we are trained to assist people involved in a divorce or professionals handling divorces. We work to determine the financial needs and outcomes of asset division for couples after divorce.

CDFA™ is the only comprehensive divorce-planning designation listed by the College of Financial Planning Board in its professional certification programs.

Our clients are lawyers, mediators, professionals in the collaborative divorce process or separated individuals seeking financial guidance as they go through a divorce.

The Divorce Analysis Approach

The financial issues inherent in every divorce case are often the ones that are the most overlooked. Certified Divorce Financial Analysts™ are trained to answer questions and more for men and women in the process of divorce and to their attorneys, which may help them prove and often settle their case.

The Divorce Analysis Process
How we work with individuals, mediators, professionals in the collaborative divorce process and family law attorneys:

Pre Settlement

Help identify assets
Developing detailed household budgets
Assisting in the analysis of marital securities
Creating personalized reports and graphs to highlight future cash flow and net worth under various proposed divorce settlements

Post Settlement

Offering our services as wealth managers for one or both parties may include the following:
- Wealth Management Planning
- Retirement Planning
- Estate Planning
- Education Planning
- Charitable Giving
- Insurance and Annuities

The financial ramifications of a divorce can be devastating. But with proper planning and help from financial, legal and tax professionals specializing in financially equitable divorce settlements, you can increase your chances of arriving at a settlement that fully addresses your long-term financial needs - and your spouse's too.

What's missing in most divorce processes is financial expertise. A Certified Divorce Financial Analyst (CDFA) assists with the analysis of the long-term effects of the settlement and recommends tailored budget proposals. By using a Certified Divorce Financial Analyst, both partners have a clearer view of their financial futures. Only then can they approach a settlement that fully addresses the financial needs and capabilities of each.

Who do CDFAs help?
CDFAs help clients determine the short-term and long-term financial impact of any proposed divorce settlement. They also provide valuable information on financial issues that are related to the divorce. CDFAs also help attorneys by helping the client make financial sense of proposals. CDFAs give attorneys support as it relates to wealth management planning to help their case.

Should a person hire a CDFA instead of an attorney?
Definitely not! The Institute of Divorce Financial Analysts (IDFA™) highly recommends that any person getting a divorce seek legal counsel. The CDFA&'s role is to work with the attorney, not replace the attorney.

Do CDFAs help only men or only women?
CDFAs are trained to advocate for men and women. The CDFA simply interprets the numbers and helps the attorney and/or tax professional build a strong case that's in the client's best interest.

Can CDFAs act as a neutral party to help a couple reach a settlement?
Many CDFAs are also trained mediators (Paskal Hyman are not able to act as mediators in a formal capacity)and often times take a role in facilitative mediation and collaborative law. However, CDFAs are not attorneys and cannot give out legal advice. The IDFA always recommends that any person going through a divorce receive independent legal advice.

Ongoing Certification Requirements

Once certified, CDFA practitioners are required to maintain technical competence and fulfill ethical obligations. Every two years, they must complete a minimum of twenty (20) hours of continuing education, ten (10) of which are specifically related to the field of divorce. In addition, to the biennial continuing education requirement, all CDFA practitioners must voluntarily disclose any public, civil, criminal or disciplinary actions that may have been taken against them during the past two years as part of the renewal process. For more information about CDFA qualifications, please visit their website.

Top Five Reasons for Hiring a Certified Divorce Financial Analyst During the Divorce Process

1. Financial analysis conducted early in the divorce process can save time.

The average length of the U.S. divorce process is one year. In the beginning stages of the process, both parties spend a great deal of time trying to get a clear understanding of the financial aspects and terminology of the separation. A Certified Divorce Financial Analyst (CDFA) can explain many of the critical financial aspects of the pending decisions and help to empower their client to make educated decisions throughout the proceedings.

2. A CDFA can help their client save money during the divorce process.

By using a CDFA, you can have a clearer view of your financial future. With the assistance of a CDFA you may approach a legal settlement that better addresses your financial needs and capabilities. A legal settlement that floats back and forth between attorneys, without the client having a clear understanding of all financial ramifications, can be detrimental, time consuming and expensive. CDFAs can educate their clients by providing a thorough knowledge and understanding of the often-complicated financial decisions.

3. A CDFA can help their clients to avoid long-term financial pitfalls related to divorce agreements.

Working with a client and their attorney, a CDFA can assist with income strategies relative to the long-term effects of the divorce settlement. Developing a long-term strategy for their financial situation is far better than a short-term snapshot. Financial decisions must be made that not only take care of immediate family needs, but retirement needs as well.

4. CDFAs can assist their clients with developing detailed household budgets to help avoid post-divorce financial struggles.

A CDFA can help clients think through what the divorce will really cost in the long run and develop a realistic monthly budget during the financial analysis process. Expenses such as life insurance and cost of living increases must be taken into consideration when agreeing on a final financial settlement.

5. Using a CDFA can reduce the amount of apprehension and misunderstanding about financial decisions related to divorce.

Misinformation and misconceptions about the divorce process can be detrimental. Many have false expectations that they will be able to secure a divorce settlement allowing them to continue with their accustomed style of living. Financial divorce analysis helps to anticipate needs, develop a tailored investment strategy, and helps prevent long-term regret with financial decisions made during the divorce process.

RBC Wealth Management does not provide tax or legal advice. All decisions regarding the tax or legal implications of your investments should be made in connection with your independent tax or legal advisor.