Collaborative divorce proceedings required commitment from both spouses. They must agree to work together to resolve any lingering disputes outside of court.
When the collaborative divorce process is successful, spouses can pursue uncontested divorces. They file paperwork advising the courts of the terms they already set.
Despite the lengthy negotiations often required in a collaborative divorce scenario, the entire process tends to be more cost-effective than litigation. In some cases, spouses may want to work with a financial advisor who specializes in divorce cases. How do financial advisors assist with the collaborative divorce process?
Spouses may have financial blind spots
Sometimes, spouses agree to terms that seem reasonable, only to later realize that they set themselves up for an unfavorable or imbalanced outcome. Certain property division choices can have long-term financial implications, ranging from tax consequences to costs associated with asset maintenance.
A financial advisor can help conduct a thorough review of the marital estate. They can identify liabilities and potential tax concerns. They may even be able to assist in the valuation of complex resources.
When spouses have the input of a neutral professional, it may be easier for them to confidently move forward with property division negotiations and an uncontested divorce. Uncontested filings and collaborative divorce negotiations help reduce conflict levels and overall divorce costs. They also put spouses in control of the process.
Having individual legal representation and outside support can make all the difference for those on the cusp of divorce. Those who settle the terms of a divorce before filing paperwork with the courts can proceed with an uncontested divorce.