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Sometimes a Collaborative Divorce is the Solution.

Last week, we discussed some of the possible financial implications of a divorce. There are many financial factors that need to be considered before, during and after a divorce. Both spouses need to be aware of the financial issues arising from their dissolution and the division of the marital estate so that the ramifications can properly addressed, allowing both to move on with their lives. Unfortunately, many people plunge head first into a divorce without working though all of the money issues at play.

During a dissolution, many costs can arise that you may not have considered. Although you know there will be court costs, the final amount of your court costs and the costs of establishing a new residence, moving, selling the marital home, hiring an accountant to advise you on your finances (or your spouse's finances too), and post-decree asset transfers of retirement plans are huge variables which can be far more expensive than you may have originally anticipated.

To mitigate some of these pricey factors, some divorcing couples skip the traditional route of divorce and choose a collaborative dissolution.  By choosing a collaborative dissolution you and your spouse may be able to share, allocate, or avoid all together some of the costs associated with a traditional litigated dissolution. When two spouses are willing to work together and follow the collaborative process, they can achieve a time-saving, cost minimizing solution to the division of the marital estate.

In order to achieve a successful collaborative dissolution, the splitting spouses must be able to work together and act with transparency -- and they need to have a collaborative team help guide them through the process. Consulting with a family law attorney that has experience dealing with the collaborative process and collaborative dissolution is essential to the process.

Source

: Huffington Post, "Divorce Is Expensive (can you really afford it?)," Al Corona, Aug. 20, 2016

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Goddard & Malmquist
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