The Financial Divorce Specialist (FDS) designation began in October 2003 as a “Made in Canada” version of the US credential. The FDS is specially trained to clarify expectations and opportunities and to help avoid costly financial mistakes.

Those going through divorce often feel that it is an emotionally charged and draining experience. Making important financial decisions on matters such as asset division, income and even paying monthly bills can be stressful and challenging.

The FDS works closely with lawyers, mediators and other professionals to help design a settlement proposal that maximizes satisfaction for both parties. Various financial scenarios are presented using specialized software to show the long-term impact of financial decisions.

The emphasis is to maintain civility and objectivity during the settlement discussions. The goal of this process is to carefully assess the financial details of the marriage and match them with each party’s financial and life goals.

Hiring an FDS will not replace the need for a lawyer. Lawyers are needed to interpret the law, give legal advice and draft agreements. However, many lawyers do not have an expertise when it comes to personal finance or taxation issues. The FDS provides expert-level financial advice and shows how settlement decisions can provide a more secure future. You will be prepared to handle proposals and counter-proposals from the other side. This can potentially save money on legal bills, settlement costs, and future taxation.

The Academy of Financial Divorce Specialists (AFDS) oversees the FDS planners in Canada. FDS training is only available to those who have a recognized financial planning or accounting designation, accreditation or degree. For more information visit the AFDS web site at www.afds.ca.

This is a monthly article on financial planning. Call or write to Rick Sutherland CLU, CFP, FDS, R.F.P., of Fundex Investments with your topics of interest at 798-2421 or E-mail at rick@invested-interest.ca.