Divorce consistently ranks in the top two most stressful life events a person can experience. It can be such an intense time of emotions, turmoil, and transition that it typically ranks second only to the death of a loved one. As if that wasn’t enough, it is also a time when those getting divorced have to make critical decisions that will have long-term effects on themselves and their families.
Earlier this summer, BSW Senior Advisor and Principal Raliegh Riddoch attended the 2014 Annual Family Law Institute Conference in Vail in order to further his knowledge in the financial issues associated with Family Law, and to connect with many of the Colorado’s top divorce professionals. As a Certified Financial Planner™ (CFP ®) and as a Certified Divorce Financial Analyst (CDFA™), Raliegh specializes in the financial planning issues and strategies for clients navigating the complex terrain of “life after divorce.”
Since he began working in the divorce domain about five years ago, Raliegh says, “It has been my experience that assembling the right team at the beginning of a divorce is the single most important move a client can make.”
He elaborates that, “divorce hits on just about every aspect of a person’s personal and financial life; the stakes are high and so are the potential consequences. Sometimes there are so many moving parts that it is overwhelming, so it is critical to have key experts on your team. A solid professional team should consist of experts familiar with the legal, tax, and financial implications of divorce.”
The conference agenda touched on some of today’s most cutting edge issues, including a session on the Defense of Marriage Act (DOMA). Raliegh remarked that “DOMA, the Post-Legal Windsor Landscape, Civil Unions and Taxes: Practical Considerations,” co-led by Preston Hofer CPA of Harper Hofer and Associates, “was fascinating, as it highlighted the inconsistencies between federal and state laws as they relate to same-sex marriage. I couldn’t count the number of potential unintended consequences that are present in the current legal environment.”
This points to why it is so important to be aware of the ever-changing tax and legal landscape, and to know the right professionals to consult. At BSW Wealth Partners we strive to Make Life Better by guiding our clients through some of life’s most challenging transitions, including building one’s healthy and financially secure post-marriage life.