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Collaborative Financial Specialist During Divorce| North Carolina

Mark Springfield | 431 Views | 03/11/2015

Hi. I’m Mark Springfield, founder and partner in Springfield Collaborative Divorce. Hi. I’m Kerry Burleigh, partner at Springfield Collaborative Divorce. I’m Mike Kothakota, collaborative financial specialist.

A question I sometimes get when a person is considering the collaborative divorce method is this: “I’m feeling overwhelmed because I’ve never handled the family finances”. “Can the collaborative divorce method work for me”? And my answer is that yes, the collaborative divorce method often works very well, even for a spouse who’s not familiar with the family’s investments or who’s not involved with the other spouse’s business.

What I recommend in this situation is that a collaborative financial specialist be made a part of the team along with the collaborative attorneys who represent each of the spouses. The collaborative financial specialist is a neutral. This means that the financial specialist is retained jointly by both spouses, and the financial specialist is someone who is trusted by both of the collaborative attorneys to provide accurate information that’s not biased for or against either of the spouses.

When I’m talking to people about their options, I often describe the family law statutes as a very blunt instrument that judges must use when they divide assets and debt. This is because the law does not require that judges provide property and debt in a way that makes financial sense for the family. Judges don’t need to consider financial projections for each spouse. So that makes the chances of getting to an optimal distribution less likely. Not surprisingly, couples sometimes end up in financial hardships that could have been avoided.

In collaborative divorce, instead of relying just on legal statutes, we also use more precise financial tools. A financial specialist uses these tools to help the couple generate different options. He shows them what the options they’re considering look like down the road. This allows the couple to make informed choices when deciding how to separate their finances. They are empowered to do it in a way that makes sense to their unique situation. A neutral financial specialist provides an atmosphere that creates balance in the financial knowledge of both spouses. Often one spouse has a need to be brought up to speed on the current financial condition of the marital household. By hiring someone who is strictly neutral, both people can be assured that the open and free flow of information is happening.

Financial specialists can help the couple create personalized budgets, identify evaluation issues for property, and create opportunities to minimize the financial impact of the divorce on the family. Using collaborative training, the specialist combines empathy and financial expertise to help both spouses realize the optimal outcome for their family. Most of the people I work with in collaborative divorce are very interested in navigating this life transition in a healthy way. Arguments around finances can create unnecessary drama in a divorce process.

At Springfield Collaborative Divorce, we often find that adding the financial specialist to the collaborative team helps encourage cooperation instead of confrontation and helps to create an environment where a couple can address their financial issues with dignity and display respect, integrity, and kindness toward each other.

By: Mark Springfield

Collaborative Financial Specialist During Divorce| North Carolina

Hi. I’m Mark Springfield, founder and partner in Springfield Collaborative Divorce. Hi. I’m Kerry Burleigh, partner at Springfield Collaborative Divorce. I’m Mike Kothakota, collaborative financial specialist.

A question I sometimes get when a person is considering the collaborative divorce method is this: “I’m feeling overwhelmed because I’ve never handled the family finances”. “Can the collaborative divorce method work for me”? And my answer is that yes, the collaborative divorce method often works very well, even for a spouse who’s not familiar with the family’s investments or who’s not involved with the other spouse’s business.

What I recommend in this situation is that a collaborative financial specialist be made a part of the team along with the collaborative attorneys who represent each of the spouses. The collaborative financial specialist is a neutral. This means that the financial specialist is retained jointly by both spouses, and the financial specialist is someone who is trusted by both of the collaborative attorneys to provide accurate information that’s not biased for or against either of the spouses.

When I’m talking to people about their options, I often describe the family law statutes as a very blunt instrument that judges must use when they divide assets and debt. This is because the law does not require that judges provide property and debt in a way that makes financial sense for the family. Judges don’t need to consider financial projections for each spouse. So that makes the chances of getting to an optimal distribution less likely. Not surprisingly, couples sometimes end up in financial hardships that could have been avoided.

In collaborative divorce, instead of relying just on legal statutes, we also use more precise financial tools. A financial specialist uses these tools to help the couple generate different options. He shows them what the options they’re considering look like down the road. This allows the couple to make informed choices when deciding how to separate their finances. They are empowered to do it in a way that makes sense to their unique situation. A neutral financial specialist provides an atmosphere that creates balance in the financial knowledge of both spouses. Often one spouse has a need to be brought up to speed on the current financial condition of the marital household. By hiring someone who is strictly neutral, both people can be assured that the open and free flow of information is happening.

Financial specialists can help the couple create personalized budgets, identify evaluation issues for property, and create opportunities to minimize the financial impact of the divorce on the family. Using collaborative training, the specialist combines empathy and financial expertise to help both spouses realize the optimal outcome for their family. Most of the people I work with in collaborative divorce are very interested in navigating this life transition in a healthy way. Arguments around finances can create unnecessary drama in a divorce process.

At Springfield Collaborative Divorce, we often find that adding the financial specialist to the collaborative team helps encourage cooperation instead of confrontation and helps to create an environment where a couple can address their financial issues with dignity and display respect, integrity, and kindness toward each other.

By: Mark Springfield