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Collaborative law may help with divorce's financial resolution

With divorce comes many legal issues, any of which may be hotly contested. A couple parting ways may fight over property, children, and spousal and child support. While many people are inundated with stories of ugly divorce disputes, the fact is couples can seek to avoid such a difficult resolution. Through collaborative practice, experts can provide the necessary guidance to help the couple reach an outcome that is as fair and favorable as possible.

Quite often, divorce arguments arise when the couple has to deal with property division. Through a collaborative process, experts will help discover and valuate all assets, then aid in reaching a split that leaves each party in a fair position. These experts may include financial advisers and accountants. Additionally, divorce coaches and child specialists may provide a helping hand in effort to ensure the process is amicable, smooth and reasonable.

An attorney experienced with collaborative law can discuss the benefits of the process with a divorcing party. If the decision is made to move forward with a collaborative divorce, then court may be avoided and the parties may end the marriage on amicable terms. Such a resolution may leave them in a position to further communicate in the future and to effectively co-parent, if children are involved.

In the heat of a divorce, many individuals lose sight of what is in their financial best interests. In some cases, one spouse will fight for a piece of the other spouse's business only to have the business intentionally ruined out of spite. In other instances, sentimentality leads individuals to give up financial accounts in favor of a house that is, over time, worth less. To avoid these situations, those seeking a divorce should consult with an attorney and consider collaborative law to address property division, spousal support, child custody, child support, visitation rights, and any other divorce issues that may arise.

Source: The Wall Street Journal, "Adviser Guides Clients Through Divorce," Veronica Dagher, Nov. 25, 2013

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