There is no standard model for divorce, but traditionally when a couple decides to start the process they both consult, and then hire, their respective family law attorneys. The reason that most people start with a lawyer is that they feel they need to immediately protect their interests. But there are alternatives to this model.
One such alternative would be to make the first step in the process a meeting with a divorce financial planner.
Dealing with the family’s finances is often the most difficult part of the divorce process. What if you started there and worked through the inventory of financial items to discuss different options until you came up with a settlement that worked well for both of you? Then you hire an attorney incorporate your ideas for financial settlement, as well as, work through the remaining issues to finalize the divorce. This approach would mean that you have an opportunity to resolve - financial issues outside of court which would allow for a much less stressful, less expensive, divorce process.
A divorce financial planner can work with either party individually or work with both parties as a financial mediator. If you and your spouse decide to proceed together, the divorce financial planner would work with you to craft financial decisions that are structured so that you both are in the best financial situation possible. This is quite a bit different than the traditional divorce litigation model where the divorce financial planner advocates only the best interests of one party and it may seem that each party tries to get the most possible out of the other.
The first step of the process is coming up with a clear and comprehensive picture of the family’s finances. Once this discovery is complete, each party’s financial needs are assessed and recommendations are made based on dividing marital property and determining support (child support/spousal maintenance). In most cases, different scenarios can be presented so that the couple can determine the best possible outcome for the family.
One of the biggest benefits of working with a divorce financial planner is that they provide financial expertise to evaluate the pros and cons of any settlement scenario within any legal context. When they act as a neutral advisor during the process, this ensures that the financial recommendations can be completely objective.
Many couples find that by working with a divorce financial analyst from the beginning of the divorce process, they are able to complete the divorce with less stress and turmoil, and at a lower cost than associated with traditional divorce.
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