Learn why the choice of divorce professionals is crucial to the process.
I’ve mentioned this in previous blogs but which professionals you choose to retain in your divorce will be the one of the strongest indicators of whether your divorce will be litigated in court.
Picking the right professionals is critical to whether your case can be successfully negotiated without a stranger making the decision over your divorce. I have found over the years that one of the most important tools in reaching a settlement that meets the needs, interests and goals of each spouse is hiring a financial neutral. The financial neutral’s role is to assist clients in preparing for financial disclosures, gathering that information, communicating about finances, option building, and ultimately making informed final decisions.
Quick on the Draw: The Race for Financial Disclosure. It is important to gather financial information as quickly as possible since disclosing financial records is required within the first several weeks of any divorce or separation proceeding. Having an initial draft of the net worth balance sheet of the couple’s marital estate can help ease anxiety, especially a spouse who has not been involved in managing the family’s finances.
Another goal of the financial neutral is to help spouse’s shift away from blame and positional bargaining to thinking about their macro goals. For instance, asking questions like “What do you hope your finances will look like once the divorce is completed?” or “What do you think your spouse’s interests are?” Financial Neutral’s help couples explore different options regarding their financial circumstances. Many clients start the process with already determined positions (e.g. the home, a specific amount of alimony, all of the retirement, etc.)
Broadening Horizons Beyond the Legal Minimum. Rather than limit the conversation to what each party is entitled to or obligated to pay under the law, a financial neutral can broaden the conversations to help each spouse understand and hear what is important to the other spouse. From there, a financial neutral can help generate various options that meet the needs and interests of each spouse. From there, the professional team (attorneys and financial neutral) can help the couple determine the best possible outcomes for each spouse.
Timing. Generally, it is advantageous to bring a financial neutral on at the very beginning of a case. Bringing a financial neutral on board early saves the divorcing or separating couple money because it avoids the couple paying two attorneys to do the work that one financial neutral can do.
For more information, feel free to reach out to me and my team at (801)464-4004.