Divorce and Finances
During a divorce, individuals are forced to make the most important financial decisions of their lives at a time when they are least able. Collaborative divorce understands the stress that you and your family are facing and is a kinder, gentler, and often a more dignified approach to divorce. Addressing the legal and financial aspects of a divorce can be separate full-time jobs. Splitting assets, estimating child support payments, and calculating retirement needs can be daunting tasks. Having a neutral financial professional as part of the Collaborative team insures that the financial aspects of the divorce are handled correctly. This includes gathering financial statements and distilling information, creating monthly budgets of living expenses, net worth projections, and potential settlement scenarios. If there are complicated tracking or valuation issues, the neutral financial team member may perform the necessary calculations or help obtain the required information from a third party.
The sharing of financial information between spouses and the attorneys is critical to the Collaborative Divorce process. Frequently, a financial professional, rather than an attorney, works as a neutral to ensure that all parties involved have access to the same financial information and understand the tax and other financial implications of the settlement options. It is important that no one feels pressured to accept a settlement offer that he or she does not fully understand. Knowledge is power. The more you understand the more comfortable you will be with your decisions.
- Collaborative Divorce Saves Time and Money by K. O. Herston