Divorce involves a lot of including love, trust, dreams and hopes. It also involves the security of children. It is associated with money. When marriages end in divorce, money becomes a major issue which should be approached and settled so that the family members involved can lead their future life peacefully.
Professional financial experts in Collaborative Divorce:
Financial Specialists are professionals having a Certified Public Accounting or Certified Financial Planning background. They act as a certified Financial Specialist
in a Collaborative Divorce.
Who can act as Financial Specialists in a Collaborative Divorce?
Financial specialists should not have any pre-existing relationship with either of the parties. They shall not have any role in the life of either of the parties after the process is over.
They are typically neutral Financial Professionals. They as “neutral” advisors in the litigation as far as finances are concerned. These professionals have the expertise and training to deal with the attorneys and their clients by conducting an assessment of the financial affairs of the couple. This further helps to assure the neutrality while dealing with the issues between the parties.
What is the job of such financial experts?
The financial specialists conduct an assessment of the couple’s financial condition including the assets which are owned by the couple like homes, bank accounts, as well as their debts.
The financial specialists come to know how the family deals with insurance policies which they have. They gather all the information from the two confronting attorneys through a process called “discovery ” which the attorneys often disagree while declaring the assets and liabilities of either of the parties.
With a clear picture of the financial condition of the family and keeping in mind the needs of the parties as well as the children involved, the financial specialists help to utilize the assets to meet the requirements of each party and that of the children. The focus of the financial specialists is always on the current financial status of the family.
The Financial Professionals help the parties to get their finances organized by identifying their financial needs. They learn their present financial situation and then analyze their income and expenditures along with the assets and liabilities. They also make a workable budget for the family by preparing the financial arrangements required for the supporting and upbringing of healthy children.
They provide possible settlement options along with their consequences to both the sides. Such professionals also assess the tax consequences and their possible solutions.
They communicate with the attorneys and their clients in connection with the concerned financial matters. They also verify the accuracy of the data on behalf of every associated with the litigation.