Once you have decided that a divorce is, unfortunately, the best path forward, there is great turmoil and stress about how the assets will be divided.
When you choose a collaborative divorce process, a neutral financial is part of the team of experts available to you to help each of you understand and untangle your financial landscape to draft a divorce agreement that is agreeable to both of you.
One of the areas discussed with a neutral financial expert will most certainly be the division of assets. Here are a few things we often share with our clients to consider when dividing the financial landscape:
- Have all the pertinent financial details of ALL of your assets, both shared and individually owned, available for review
- Homes, vehicles and retirement funds will need to be disclosed
- If you own a business, a valuation may be made
- Individually owned property may not be divided
- Inheritance and financial gifts are also disclosed and discussed
- Assets both of you had before marriage most likely won’t be shared
- Profit and revenue will be allocated accordingly
Staying out of court and avoiding litigation offers more privacy and more control over how your financial landscape is divided and is more often the most cost-effective way to preserve and remain in control of your assets. A collaborative divorce allows couples to stay out of court.
When a couple does go to court to have a judge divide their property the way a judge so chooses, then each spouse often has a forensic accountant testify at trial. However, in the collaborative process, couples hire one neutral financial specialist to assist with these issues, which saves time and money, educates both spouses, and leaves the informed decisions up to the couple.
Our team at Family Divorce Solutions is a group of well respected, experienced and trained attorneys, mental health professionals and financial professionals who work as a team to reach a complete and satisfactory resolution for everyone involved.
For your divorce, you have a choice! You control the choices and the outcome!
Note: This information is general in nature and should not be construed as legal/financial/tax/or medical advice. You should work with your attorney, financial, mental or tax professional to determine what will work best for your situation.