Examples of Services that Fall Outside the Definition of a Divorce Financial Planning Engagement

Based on the above definition of the divorce financial planning process, the following are examples of services that fall outside the realm of divorce financial planning.  The ADFP does not preclude members from providing such services, should members have expertise in these areas.  However, it does require that services falling outside the realm of divorce financial planning not be identified as divorce financial planning services in a divorce financial planning engagement.  Services such as these must be governed by separate and completely independent contracts:

  1. Any services that might constitute the practice of law, including the drafting of QDROs or other legal documents
  2. Business valuations
  3. Pension valuations
  4. Appraisals of real or personal property
  5. Valuations of licenses and degrees
  6. Valuations of stock options and restricted stock
  7. Mediation
  8. Tax preparation
  9. Investment advice or securities transactions

 

To avoid misunderstandings, all literature related to divorce financial planning services provided by a practitioner, including websites, email communications, reports and advertising or promotional materials should include the following disclaimers or something analogous to them:

[Name of divorce financial planning] is NOT AN ATTORNEY AND DOES NOT PROVIDE LEGAL ADVICE. All information (s)he provides is financial in nature and should not be construed or relied upon as legal [or tax] advice.  Individuals seeking legal [or tax] advice should solicit the counsel of competent legal [or tax] professionals knowledgeable about the divorce laws in their own geographical areas.

Divorce financial planning is a fee-only process that does not involve investment advice or securities or insurance transactions.