It is not uncommon during their marriage for one spouse to handle financial income and to control all the bills that arrive home. Ultimately, the other spouse knows very little about their finances and what their assets are worth. A financial neutral professional can help.
How the Financial Neutral Professional Can Help
- The professional will know what documents are needed to evaluate the couple’s finances.
- The professional can clarify the financial situation to the spouse who did not handle the finances during the marriage.
- The professional helps each party with budgeting so they can see what the financial future looks like for both of them.
- Often, when the parties can see what they both need going forward, they are less contentious because they are fully aware of their financial situation.
- The financial professional can explain to each party different options for dividing the property. For example, if one party wants to keep the marital home, there may be ways to offset the other party’s interest in that asset by allocating another asset to that party..
- The financial professional can make sure both parties are aware of the tax implications for each division option and also the timing of a divorce. For example, if it is near the end of the year, it may be a good option to postpone finalizing the divorce until the new year.
Financial Neutral Professionals in the Collaborative Process
A Collaborative Divorce is a peaceful divorce. The couple agrees to stay out of court and settle their issues with the help of professionals. That is where the financial professional, who is always neutral, comes in. The expert does not take sides but shows each party what their options are and how to make their future one to look forward to. The professional can ease the anxiety of the concerned spouse who knew nothing about their finances.
For more information about how a financial neutral professional can help you with your divorce, and how you can use the collaborative process for a peaceful divorce, contact Kim Mediation and Law Center. You can call 213-351-1000 to schedule a free case evaluation.