Financial Divorce Accountant
The “financial divorce specialist” involves a neutral financial professional in the process of Collaborative Law. This individual helps the team optimize a financial settlement for clients. Financial specialists are especially helpful because, as neutral members of the team, she or he provides a solely objective view concerning the finances. Clients may be confident that the financial expert is working diligently for both clients in order to maximize the financial terms of a settlement.
A financial specialist comes from various professional backgrounds. Usually financial specialists are investment advisers, Certified Divorce Financial Analysts (CDFAs), or accountants (CPAs). Even though we typically imagine financial neutrals in the context of divorce, financial neutrals also can add value in estate or business matters, or additional Collaborative cases which have a financial element.
Here are some of the ways a Financial Divorce Account Specialist may help a Collaborative team:
- Suggest additional options that the attorneys or clients might not have thought about.
- Directly work with clients to collect financial paperwork (instead of having two lawyers work on it).
- Model long-range financial projections utilizing sophisticated financial software.
- Identify tax problems or other possible pitfalls.
- Inform clients concerning financial concepts.
- Offer a neutral, comprehensive viewpoint of the financial circumstances.
The financial expert may not need to attend all the meetings. For instance, she or he probably doesn’t have to attend meetings which concentrate on parenting and child-associated factors.
Key Areas You Should Consider:
- Recognizing that financial subjects oftentimes involve extremely strong emotions
- Real estate issues and values
- Pension and business valuations
- Family, spousal, and child support
- Tax issues, funding, liabilities, and planning
- Workable property division
- Sustainable budgeting
- Supporting two households on income which previously supported only one
Neutral Financial Expert Assists Parties In:
- Assessing marital settlement contract for accuracy as it associates with team financial talks
- Talking to clients and team on financial matters
- Generating creative solutions to financial issues
- Making educated choices on a level playing field
- Assessing tax consequences for various situations
- Evaluating potential settlement choices with respect to long and short-term consequences
- Consulting with other neutral specialists as needed
- Addressing financial arrangements needed to support kids
- Preparing workable budgets
- Developing a blueprint for legal declarations of disclosure
- Analyzing expenses and income and liabilities and assets
- Validating emotions as they come up
- Educating the clients of their financial circumstances
- Identifying, clarifying, as well as prioritizing financial concerns, needs and goals
- Getting finances organized
- Gathering details about family finances
Collaborative divorce financial experts add value to the process in terms of specialized knowledge and increased efficiency.
Even though the Collaborative Financial Specialist often is discussed in the context of Collaborative Law, the expert also can be used in the process of mediation.
For more information on the role of the Financial Neutral please feel free to get in touch with Los Angeles Collaborative Family Law Association at (818) 933-4505 right away!