Newly developed software aims to assist financial planners in helping their divorced clients make informed decisions based on differing separation scenarios.
Divorce can be a traumatic emotional experience and likely the most financially challenging event in life. Major considerations include the division assets, support payments, insurance and estate matters. Tax implications are of paramount importance and must be factored into all calculations.
Following two years of development and testing, the Academy of Financial Divorce Specialists, which offers training leading to the Chartered Financial Divorce Specialists (CFDS) designation in Canada, has created a new propriety software program which provides future projections for cash flow and net worth taking into consideration asset division and other related factors including child and spousal support, investments, mortgages and all other pertinent financial items.
The new software named “Perspectives” analyzes all factors that might be involved in the separation equation for both parties, including income, expenses, savings, debt, real estate, and investments of all types. Tax calculations are automatic and include tax credits possible for eligible dependents, tuition, disability and pensions.
The software can be used in conjunction with the Academy’s revised Calculating Worksheets, which allow for the development of detailed income and expense budgets before and after divorce.
The software has been made available for use by members of the Academy and is part of the training course for new Chartered Financial Divorce Specialists. The course is available to those having a recognized financial planning or accounting designation and is offered in-class or by self-study through the Internet and provides for CE credits (41.75 IAFE, 40 FPSC, 30 IIROC, 30 IQPF and 22 PACE) as well as the CFDS designation, Academy membership and on-going professional development.
For further information on the software and the Academy, please visit www.afds.ca.