Articles
Category: Divorce and Money
Divorce and Money
One of the biggest benefits of the Collaborative Divorce Process over traditional litigation is that it allows you, the parties seeking the divorce, greater flexibility in meeting the challenges of the divorce process.
One example of this would be in how money and finances are addressed. Instead of looking backward to how money flowed into the marriage and how it was spent “yesterday” the Collaborative process encourages you to look to the future, toward your separate lives and separate budgets. It compels you to think beyond the divorce itself and consider your financial needs and desires well into the future and how you might be able to address them with current financial resources.
It is common today for both parties in the marriage to be employed full time with most, if not all, of the combined income being spent currently just to make ends meet. And, as the cost of living continues to rise while incomes remain stagnant, many people find that they are incurring a rising debt in an effort to maintain their life style. If you’re lucky you can stash a little bit away for retirement. Typically, unless changes are made, dividing one household into two will only increase overall expenses making an already difficult situation worse.
Another issue that is often struggled with is not “who” should remain in the marital residence, but whether it is feasible for anyone to do so. What if the house is mortgaged to the max, or “under water”, or you’re behind in payments? Perhaps you agree to sell it, but what if it can’t be sold quickly?
These are just a few of the more common financial challenges you may be faced with in the divorce process. The Collaborative Divorce Process integrates Financial Specialists who help you better understand these challenges… and find potential solutions. It allows you to weigh options, consider alternatives and make informed decisions.
