When it comes to managing a divorce, a neutral financial professional can be one of the most helpful members of a Collaborative Divorce team.
A Neutral Financial Professional Provides Education and Expertise
A financial neutral can gather up information in an effective and efficient way. It is also important to note that in some relationships, it’s possible that only one partner is familiar with finances. If a financial education is needed for one of the parties, they step in as the expert to provide information for making informed decisions. They will teach you about the intricacies of investments, savings accounts, and retirement funds.
In the process of divorce, a spouse might be faced with budgets or expense tracking for the first time. Having a neutral, non-adversarial financial professional means that both parties have equal access to crucial information.
Have Less Anxiety Over Money
Just as no one likes to do taxes, it’s also the case that no one really enjoys looking through their finances. However, having a neutral financial professional is like having a trusted tax advisor—they can make complicated situations a little less stressful.
Sometimes, there’s good reason to have anxiety over money. Some people look at multiple households and other variables and ask themselves, “how am I going to manage our money?” Just by virtue of being very familiar with the family’s finances, the financial neutral will be able to cut through the financial fog and help develop a post-divorce financial plan for both parties.
The powerful tools of a neutral financial planner can help you make sense of the future. A Certified Divorce Financial Analyst (CDFA) or another similarly-trained professional will develop financial options for both parties. It is important to ask questions such as: “with this arrangement, what will my cash flow look like in twenty years?” or “will these options allow me to build equity in my house?” They will have in mind things you might not have considered, such as how to save for the rising cost of future healthcare or how to make sense of complex tax law.
For more information on Collaborative Divorce or Mediation, contact us at Chase, Berenstein and Murray, Counselors at Law.