Reasons to Get a Collaborative Divorce
Cost Savings More Amicable
Collaborative divorce has the potential to reduce the time and costs involved . By negotiating every major issue , the couple can avoid a trial . By working together , the parties can jointly engage one financial expert rather than two separately . Divorce costs are largely determined by how long it takes for the participants to reach a settlement .
Since the goal of a collaborative divorce is cooperation , there are fewer opportunities for discussions to turn hostile . With the introduction of divorce coaches or facilitators , it can be easier to discuss topics while still considering the overall welfare of each party , as well as their children , when determining reasonable outcomes . Once a settlement is reached , the parties walk away with an agreement they made together instead of having one imposed on them .
Shorter Process Reduction of Post-Divorce Litigation
The divorcing parties may also save time by utilizing the collaborative divorce process . Since the goal is to work together rather than oppose one another , less time is spent delaying progress due to disagreements . The longer it takes to work through and finalize the divorce , the greater the financial and emotional burden on both sides . When a divorce is litigated , it can take many months to finalize , as it is dependent on the schedules of additional experts , as well as the busy court calendar .
Collaborative divorce helps couples work through notoriously tough topics , such as child custody . When everything is settled through a proper negotiation , there is less need for post-divorce litigation . For example , parents can set their own schedule that works best for them with their new parenting relationship , rather than following the Friend of the Court guidelines .
Why Add a Financial Specialist to the Process ?
In a collaborative divorce , a financial specialist helps the couple evaluate their entire financial situation . Unlike a traditional litigation setting , there is one neutral financial professional committed to the collaborative process and dedicated to equally assisting both parties . The financial specialist can present a fair assessment of business values and income available for support , as well as the parties ’ marital estate . They can also assist the parties with understanding the potential tax consequences of different divisions of assets , and create and evaluate options for a settlement .
When a couple decides to get divorced , it is not a choice that is made lightly . At Doeren Mayhew , our credentialed , collaborative divorce professionals stand ready to help . We guide the couple to understand their full financial picture , as well as a path toward the future
About the Author
THERESA CAMERON , CVA , CFE
PRINCIPAL , VALUATION & LITIGATION SUPPORT GROUP tcameron @ doeren . com
Leveraging over 10 years of experience , Theresa consistently adds unparalleled value to private clients or the legal community seeking accurate and comprehensive financial guidance to support valuation and litigation matters .
VIEWPOINTS : ISSUE 1 2024 | 07