Deciding to divorce is never an easy decision. There are many things to consider. What will we do with the house? What about the children? How will we handle the holidays? Will there be enough money to take care of everyone? When deciding to divorce, it is important to give careful consideration to the following topics.
It is safe to say that if you have children, your divorce will impact them, even if they are adults. It is important to consider the best and most amicable way of getting through it while helping children process it all with the least amount of distress. At Kim Mediation and Law, we recommend a Collaborative Divorce as the best way to handle a very difficult situation. In Collaborative Divorce, the couple is kept out of court and they are allowed to work together with their attorneys and specialized professionals such as a divorce coach, a financial neutral, and a child specialist. For more details about Collaborative Divorce, please watch this short informational video:
Metaphorically speaking, if children represent the horse in a divorce, finances would most certainly be the cart. The money situation in a divorce is complicated. It is of utmost importance to keep the best interests of everyone in mind when handling finances during a divorce. One of the realities of divorce is that what used to be one household is now divided into two. Questions arise. For instance, if both parties worked during marriage, can a single parent’s salary be sufficient to support the parent and the children? Or if just one parent worked during marriage, how will one income now support two households? If there’s a business in the family, and that business was the only source of income, who will continue to run the business and what is the role of the other person in the business, if at all? This is in addition to considering the issues of division of assets, e.g. investments, retirement savings and marital property. There is a lot to consider here, and it can quickly become very overwhelming. In these situations, having a financial neutral in a Collaborative Divorce is not only less costly, but it also allows for each party to consider creative options, options that can enable both sides to emerge from the divorce with a financial plan and a budget.
The decision to divorce and all that entails can be daunting. Choosing to divorce collaboratively allows the divorce process to be amicable by working with a neutral financial expert who can provide critical guidance and support, helping you make more informed decisions. Understanding the process and knowing the rules can help maintain an amicable environment.