The collaborative divorce process is a client-centered form of alternative dispute resolution, which enables clients, with the help of their attorneys and supporting professionals, to create positive outcomes in a divorce or separation. One of the supporting professionals might be a financial expert who has significant experience dealing with the financial and tax implications of decisions made during a divorce, commonly referred to as a financial neutral. The main role of a financial neutral in the collaborative divorce process is to educate all participants, including the couple, their attorneys and other professionals, as to the financial implications of the divorce.
The financial neutral will help clients evaluate their financial situation and develop creative financial solutions. A financial neutral can assist clients in determining the value of a family business, complex tax matters, alimony and/or child support. Most importantly, a financial neutral is impartial and isn’t an advocate for either party in a divorce. Qualified financial neutrals have significant training in the collaborative process and hold various professional designations such as a Certified Public Accountants (CPAs), Certified Divorce Financial Analysts (CDFAs), or Certified Financial Planners (CFPs).
The collaborative divorce process encourages families to identify and look towards their long-term goals in what is ultimately the best interest of the family as a whole. Collaborative divorce seeks to help the clients find positive solutions by encouraging them to transparently work together in good faith negotiation in a way that differs from highly litigated divorce cases.
Collaborative divorce cannot be used in every case. Specifically, collaborative divorce may not be successful for high-conflict matters or overly contentious individuals. However, if you and your partner are committed to working in a positive environment towards solutions outside of court, the collaborative divorce process may be for you.
Contact Jacobson Family Law today to speak with a Maryland Collaborative Divorce Attorney and learn more about the collaborative divorce process and the role of a financial neutral and by calling 443-741-1147 to schedule a consultation or set up an appointment online using our website.