The Neutral Financial’s Role in a Marital Divorce
For decades the legal community has relied on the abilities of accountants to assist them in understanding and analyzing financial issues related to legal proceedings. In divorce proceedings these accountants, known as forensic accountants, have specialized in preparing documents and reports for clients going through divorce including; but not limited to: Gross Income Available Reports; Marital Standard of Living Reports; Business and Professional Practice Valuations; Community/Separate Property Balance Sheets; Separate Property Analysis; Reimbursements; and, Income and Expense Reports/Projections.
Financial Divorce Accountants in Woodland Hills
Forensic accountants have historically assisted lawyers and clients with these reports through litigation. However, in about 1992, Stewart Webb, Attorney at Law, thought there must be a better way and hence, the collaborative process began. Through transparent full disclosure and an honest approach to addressing the issues, the clients resolve their marital dissolution in a more efficient process. This results, on most occasions, in cost savings while the clients learn how to work with their spouse in a respectful manner, a byproduct of which also benefits the clients’ children.
The neutral financial professionals at Family Divorce Solutions consist of forensic accountants and financial planners who provide financial options to the clients thereby empowering the clients to choose the options which work best for them and their family. With the combined experience of over 80 years in the dissolution arena, the neutral financial professionals at Family Divorce Solutions help guide you through the financial process in a marital divorce, whether through collaboration or mediation, in the most efficient manner possible without going to court.
A Neutral Financial Expert Assists Clients in:
- Gathering information on the family finances
- Getting finances organized
- Identifying, clarifying, and prioritizing financial concerns, goals and needs
- Educating clients of their financial situation
- Validating emotions as they arise
- Analyzing expenses and income, assets and liabilities
- Developing a blueprint for the legal disclosure declarations
- Preparing workable budgets
- Addressing the financial arrangements needed to support healthy kids
- Consulting with other specialists as needed
- Evaluating potential settlement options with respect to long and short term consequences
- Assessing tax consequences for various scenarios
- Making educated decisions upon a level playing field
- Generating creative solutions to financial issues
- Communicating with the clients and team on financial matters
- Reviewing marital settlement agreement for accuracy as it relates to the financial discussions
A Neutral Financial Professional will:
- Assist clients in gathering all relevant financial paperwork
- Identify and prioritize financial needs
- Prepare in-depth financial reports for the clients for discussion among every member of the Collaborative team which additionally serve as the clients’ disclosure declarations
- Educate one or both clients in regards to the family’s financial picture
- Assist with developing the client’s budget
- Raise awareness of necessity for additional financial experts
- Facilitate discussion of settlement choices and analysis which includes tax consequences
- Prepare projections based upon the various options of settlement
- Bring the voice of financial reality to discussions
Divorcing couples often aren’t aware of the financial implications of different settlement options. As a neutral, a financial expert has more creditably in offering data and fostering dialogues than advocates. It’ll make it simpler to mutually reach satisfying agreements.