Clients engaged in the Oregon Collaborative Divorce process have the benefit of using a neutral financial specialist as part of the team. Using a financial specialist in an Oregon Collaborative Divorce has many benefits. In contrast to litigation, where each side has an expert running scenarios, crunching data, and creating one-sided solutions, the financial specialist in the Collaborative Divorce process works for both parties, thereby reducing conflict and costs. The financial specialist can provide many tools to the parties, such as assisting in the preparation of budgets and net worth statements, providing education to the parties about the options and tax impact of those options, and providing future projections for life after divorce. This team member’s role can be invaluable when assessing the most cost-effective way to divide or transfer assets, or helping parties understand the long-term impact of proposed spousal support packages.
Financial specialists may be a Certified Financial Planner, Certified Divorce Financial Analyst, or a Certified Public Accountant. These specialists are also collaboratively trained, so they bring to the team the communication and mediation skills necessary for acting in a neutral role. However, in contrast to work one might do with a financial planner outside of a divorce, within the Collaborative Divorce process the specialist is focused on helping clients transition from joint finances to separate finances, while developing an understanding of their future financial situation. The financial specialist in an Oregon Collaborative divorce is not allowed to work with clients after the case is finished, which also helps the specialist remain neutral since he/she is not looking to gain a long-term client.
Financial specialists can be very useful in addressing an immediate need for remedial action. For example, when clients are in a debt crisis and need assistance with debt management alternatives. A financial specialist may develop a debt repayment schedule, or create a long-term debt management plan. When the financial specialist is engaged by the team, the team will discuss the scope of work they wish the specialist to address. This may change as the case develops. As the financial specialist works with the clients, he/she will produce reports and information to the team as a whole. The best Oregon Collaborative Divorce lawyers will engage the services of a financial neutral early in the case. This then gives the attorneys the necessary tools to help the clients reach a lasting and satisfactory financial settlement within the case.
Speak with a collaboratively-trained lawyer today to learn more about this unique cost-saving approach to resolution.
by Jill Brittle