When you find yourself starting down the path of divorce with your spouse, there are so many moving parts that you must factor in and understand how it changes the life you are used to.
It comes as no surprise, your divorce will have long-reaching changes to your financial landscape that may last for many years.
Collaborative divorce allows for a couple to divorce in a more peaceful, respectful manner by staying out of court.
It also allows for a financial neutral to learn about all of the assets, debts, income and expenses and then give a clear forecast of the current and future financial landscape.
The financial neutral will draft a financial plan that is thoroughly discussed in a non-argumentative setting. This expert will help the couple find a path forward to an agreeable and fair financial plan that will include the splitting of assets.
When the neutral financial expert first discusses their finances with the couple, they share a few thoughts on splitting the assets. Here are a few thoughts they may share:
- Anything you own jointly since your marriage may be divided – homes, vehicles, investments and retirements
- Business assets may be divided
- Any solely owned property may not be included in the division
- Inherited and financial gifts may not be subject to splitting
- Resources owned before marriage often are not separated
- Revenue and profits may be subject to allocation
- To prepare for your meeting with the financial neutral – make sure to have any paperwork and account information on hand to support your financial picture
The resolution of financial issues depends on the actual details in your case – there is no “one size fits all.”
Having a financial neutral makes collaborative divorce an attractive option when untangling the financial landscape that you share with your spouse.
A Better DivorceTM is an interdisciplinary group of professionals who are committed to non-court, non-confrontational solutions for family law matters.
Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation.