A faster way through the AFI
Interesting Info You Can Read Over a Single Cup of Coffee!
Julie Kern, CPA, CFP®, CDFA®
Book a no-obligation chat with Julie right now.
In this issue:
- A faster way through the AFI
- Settlement Assurance Review
- AFI service
A faster way through the AFI
The AFI—the Affidavit of Financial Information—is perhaps the quintessential first step of your case with any divorce client.
It’s also probably the step where things, all too often, grind to a halt.
As a CPA, a CERTIFIED FINANCIAL PLANNER® professional, and a Certified Divorce Financial Analyst® professional, I’ve got a new way to help! Read on.
First off, why do cases stall at the early AFI stage? It’s because, typically, you’ll ask your divorcing-woman client to, well, fill the thing out.
But that’s hard for her. She’ll stick her head in the sand.
I can un-stick it for her. And for you.
Let me address both of these issues in turn.
Why the AFI is hard for your client
How do I count the ways? It asks her to annualize her income properly, from a pay stub or W-2. I know several attorneys, not to mention finance people, who often get this wrong, even when they think they’re getting it right.
Then there’s the whole living-expenses part. It’s hard enough for many women to calculate that for today… and the AFI asks them what their expenses will be in the future. Ditto for her income.
But let me get back to the “expenses” part. It’s huge. And it’s where I have a new, special edge.
How I can speed her AFI—and your case load
This probably won’t excite you too much, but it should: I’ve recently invested in some cool new specialized software which speeds up the gathering and inputting of all the data needed to do the “expenses” portion of the AFI. It’s perfect for the discovery process, too.
Basically, it’s able to hoover up months of statements—bank, credit card, utility bills, you name it—and cull the exact amounts out of them and get them into a spreadsheet where the in-flows and out-flows between different accounts can be reconciled.
As I said, that might not sound too exciting to you, on the surface. But consider:
- I can now quickly see if those withdrawals that the husband had made, supposedly for the wife… actually became deposits into her account.
- I can conduct a lifestyle analysis, analyzing thousands of transactions—what used to take me weeks—in just hours.
Impressed? You should be.
Granted, this exciting software doesn’t do any analysis. That’s my job. So this isn’t something you could do in-house; the time, effort, and expense wouldn’t be worth your, or your staff’s, time. And other CPAs won’t have this software, unless they specialize in divorce, like I do.
Do you like making spreadsheets? Do you like clients who stare at a blank AFI like a deer in the headlights?
I didn’t think so. Contact me today and let’s accelerate your case load.
Settlement Assurance Review
For every time you’ve been faced with a complex case—such as one with a lump-sum spousal-maintenance payout, or a complicated asset mix with hidden tax implications—and told your client, “You should talk to your tax or financial advisor,” I have a new service for them… and you.
It’s simple. When you and your client are considering a settlement, I can review it from a financial-expert perspective, for a nominal fee, and “bless it” (or not) before you go to court or mediation. The Settlement Assurance Review scrutinizes your client’s divorce settlement terms before finalization, providing:
- Equitability analysis: A detailed evaluation to ensure the proposed settlement terms are fair and well-balanced.
- Tax impact assessment: Identification and explanation of any potential negative tax implications.
- Risk mitigation review: Detection of any hidden financial risks or liabilities that could impact your client’s financial well-being, post-divorce.
During these reviews, I often discover hidden negative tax implications and other undesirable outcomes and risks that would be detrimental to your client. This can significantly reduce your liability exposure, while giving your client added confidence, and making you look even better in the process!
By partnering with us, you can confidently assure your clients that their financial interests are fully protected and their settlements optimized for both fairness and financial clarity.
Contact me and I can help you easily get your clients started with this.
AFI service
Seeing how often improperly-completed AFIs can frustrate attorneys like you, I’ve created an all-new service: I’ll help your divorcing-women clients complete their AFI, within one week of getting the supporting documents (bank and credit-card statements, etc.). And I’ll do it for them for a flat fee of just $495.
So they—and you—will have a good, solid AFI that opposing counsel can’t poke holes in, for a flat fee, in fast time.
Contact me today to get started!
