Neutral Financial Professionals In The Collaborative Family Law Process
You cannot reach a fair agreement during the divorce process if you do not fully understand your family’s financial situation. If there is a small business, what is it worth? What is the value of a sports memorabilia collection? How will outstanding debts be covered? What will your future cash flow needs be and how will you continue to pay the bills?
The assistance of a skilled financial professional allows you to make educated decisions.
Neutral financial professionals who are members of the Central Ohio Academy of Collaborative Divorce Professionals (COACDP) adhere to high standards of training, qualification and commitment to the collaborative process.
The Process Followed By Neutral Financial Professionals
Their role is that of an objective, unbiased third party who provides clients and their lawyers information. These professionals start by gathering and organizing requested financial information. Then they analyze and evaluate the data provided by clients and their attorneys and create marital balance sheets, income analyses, cash flow reports and other necessary statements.
A key part of a financial professional’s involvement on the collaborative team is educating clients about tax and other finance-related issues. This education allows you and your spouse to make independent and informed decisions.
They can assist clients as they explore different ideas and options in regard to financial issues, using reports to illustrate various plans. They can also help with tracing and analyzing what part of assets and liabilities may remain nonmarital, such as equity in a property acquired prior to marriage, a significant gift from a family member that helped cover a down payment or characterization of inherited property. Budgeting post-divorce is another way in which these professionals can assist through the process.
Having a neutral financial professional involved in the divorce process can smooth resolution of tough property division and support concerns. Find out how one of our neutral financial professionals could assist by sending us an email.