Divorce financial specialists educate and empower clients on the financial aspects of their divorce settlement as well as helping them to plan financially for the future. Having a neutral specialist who understands the emotional issues of divorce can be very helpful to both parties in coming to an equitable agreement in a civilized manner.
Financial Specialists use sophisticated software to help the parties evaluate their current and future financial situations, and to evaluate settlement options in order to help the parties arrive at a financial settlement which is equitable and tax efficient.
In collaborative divorce, the financial spec
ialist is a neutral person on the team who is responsible for gathering and organizing financial data, assessing the levels of financial understanding of each spouse and providing them with the help they each need, identifying financial issues specific to the case, identifying financial objectives of each of the parties relative to the divorce, managing their financial expectations, and assisting the team with its evaluation of the various settlement options.
There can be a considerable amount of data to collect and analyze, including financial affidavits, tax returns, budgets, debts, spending patterns, and assets, including real estate, retirement accounts, and stock options. Financial specialists also assist in valuing businesses holdings.
Based on the financial data, the financial analyst can produce forecasts, based on various assumptions, of cash flow and net worth for assisting the parties with arriving at an equitable settlement that makes sense over time.
Financial specialists facilitate the communication between the parties on the financial issues. They can meet alone with the two parties, and can also be involved in 5-way meetings with attorneys or coaches.
The result of the work of the financial specialist should be an equitable financial settlement that both parties understand and confidence in a financial plan for the future.