The Task of the Financial Professional in a Collaborative Divorce Case

The Financial Professional in a Collaborative Divorce case plays a significant role in the process. The Financial Professional must ascertain through diligent document review and examination of records, as well as by dint of experience and knowledge, the clients’ financial landscape.  This means whatever assets, obligations and financial goings on that are part of the clients financial portfolio must be thoroughly understood by the Financial Professional, and then clearly explained to the clients and the attorneys.

This task would be relatively straight-forward if the parties’ assets included only a residence, vehicles, several bank accounts, IRA accounts and credit card debt. However, few cases are this straight-forward. There may be retirement plans that were contributed to both before and after marriage; there may be a business owned prior to marriage that experienced financial growth during the marriage; there may be a residence owned prior to marriage that remained in the owner spouse’s name but  whose mortgage was paid with monies generated by the martial community; there may be an inheritance received  by one spouse, normally sole and separate property, that was used in various ways to benefit the marital community.

These are just a few examples of some of the more complex issues that must be sorted out and understood by the Financial Professional and then presented in a way they can be clearly understood by the parties. Such understanding is required before a discussion of the financial issues can commence and a final disposition of the financial issues undertaken.

As important as the foregoing tasks may be, equally important is the Financial Professional’s complete neutrality in the process. If there is any perception or hint that the Financial Professional has not in all ways maintained neutrality in the process, the entire collaborative effort may be irreparably harmed.

The work of the Financial Professional has a significant impact on the parties and the integrity of the process itself. This is why the Financial Professional selected to be part of the Collaborative Team has been extensively trained and has had years of experience working with clients in the financial arena.