After the preliminary document gathering phase is complete, the financial professional will assemble the data into reports for the clients to review.  The financial specialist listens to each party’s financial concerns and helps the clients understand the overall financial picture.  The knowledge gained by the clients through the data collection and documentation phase can aid each partner in negotiating towards an equitable property settlement. 

The Collaborative Team financial specialist works with the couple to:

• Provide on going, practical financial guidance, planning, support, and budgeting guidance throughout the divorce process.

• Make sure that both parties have a thorough understanding of their current financial situation.

• Review family income allocation needs between spouses, and if applicable, for the children’s support.

• Educate the clients regarding the short and long-term economic consequences of the settlement plans being considered.  Be able to create multiple property division scenarios for the clients’ review.  Help each client to make fully informed decisions and choose what is most appropriate for their situation.

To prevent financial devastation through the divorce, the financial professional will guide the parties on how to continue to pay for joint assets (like a primary residence), effectively split the bank accounts, credit cards, transfer title on assets, etc. in an orderly fashion.

If one of the spouses owns a business, a Business Valuation typically will occur and a cash available report may be prepared.  The financial professionals at Alternatives: A Collaborative Divorce Team are trained in the preparation of Business Valuation and cash available reports.   The financial professional may also be asked to prepare other reports for the couple if one of the spouses has a separate property claim or reimbursement or if the couple has material assets and liabilities.  These reports include:

• Cash Available Reports – used to assist the couple in arriving at spousal and child support;
• Marital Standard of Living Reports – used to determine personal living expenses during marriage to assist the couple in arriving at spousal support;
• Business and Professional Practice Valuations – used to determine the value of the business, including goodwill, if any, for which one or both of the parties hold an ownership interest;
• Community/Separate Property Balance Sheets – used to detail all of the couples’ separate and community assets, liabilities, as well as reimbursement claims;
• Asset Tracing – used to support one or both of the parties’ separate property asset rights or claims;
• Separate Property Analysis – used to support one or both of the couples separate property claims which may include inheritance proceeds, retirement accounts and/or real property held prior to the date of marriage; and,
• Credits and Reimbursements – used to determine one or both of the parties’ claims including use of community assets post separation, misappropriations and shared community expenses paid by one party post separation.

 

The financial ramifications of a divorce can be devastating, but with proper planning and expert assistance, you can increase your chances of arriving at a Final Judgment with a settlement that fully addresses your long-term financial needs -- and your spouses too.

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