subject: Will My Finances Survive My Divorce? [print this page] In October this year family lawyers all over the country began prompting their clients who are one half of a splitting couple (and consequently also concerned with how their impeding divorce may affect their finances), to strongly consider opting for a collaborative separation. This moves comes as part of Dispute Resolution Week which tries to promote an amicable divorce rather than the messy, strife filled legal process that is normally associated with divorce, annulment and separation.
Family lawyers will be encouraging their clientele to take either the arbitration or mediation route which are both far more constructive and healthy ways of tackling the stressful issue of divorce. One of the key factors in any divorce case is money and probably the most pertinent question at the forefront of both parties' minds is whether their finances will survive the procedure. The measures to secure the monetary assets of either side are detailed and complicated, which often involve investment and savings products that are extremely complicated these days. There are a variety of investment vehicles with differing tax treatments that can be beneficial for the divorcee's personal finance and family lawyers will know how to best handle these issues.
There are three key features that affect whether you come out of your divorce with a fair settlement; primarily, both parties must honestly assess the value of their assets. Secondary, both sides need to transparently disclose all their monetary information. And last but not least, the two individuals need to genuinely comprehend how assets can be appropriately divided to benefit each of their financial aims and then agree a mutually beneficial split of the assets. These points all feed into the main goal of dispute resolution - so the two conflicting parties filing for divorce agree to make decisions that benefit each of them and each of their families.
Dispute resolution is a modern method and arguably quite idealistic, but the main idea is to have the parties working together in a mature and respectable manner. Of course, divorce by its very nature means the two parties are not on the best terms and don't feel they can get along anymore so it makes it difficult. But dispute resolution, if successful, entails being honest and open and communicating clearly so that all monetary assets are disclosed and the time involved can be spent making sure the divorcees are fully aware of the value of the finances.
The lawyers mediate proceedings and ensure that the complex financial investments are understood by all present to hopefully improve both side's post-divorce financial situations and dodge costly mistakes and misunderstandings. The arbitration experts can also help separating couples make positive plans for the future and guarantee that the monetary assets are divided in not only an even way, but via methods that help both to attain their future monetary aims.
by: zac colbert
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