Equitable Divorce Resolutions provides financial consultation for couples going through marriage or partnership dissolution through Collaborative Process, Mediation, or a traditional divorce process. Services may be provided as either a Financial Neutral, (Collaborative, Mediation) or Financial Coach (Mediation or Traditional).
The Financial Neutral (Collaborative or Mediation)
A Collaborative Financial Neutral works with both spouses as a member of the Collaborative Team to assist the couple in reaching agreement. Services provided include, but are not limited to:
- Assessing the level of financial understanding of each spouse, and educate each accordingly.
- Identifying financial issues specific to the case.
- Helping each member of the couple manage financial expectations.
- Working as a neutral financial analyst, creating income and expense projections for the near and longer term.
- Interpreting appraisals.
- Assisting with gathering documentation of income, expenses, assets and debts.
- Providing referrals for on-going financial planning or tax advice and preparation.
- Providing some or all of the services listed for the Financial Coach (below).
In order to maintain neutrality, the Financial Neutral does NOT provide any financial advice, planning or investment management to either spouse after settlement is reached. Referrals may be given if longer term planning or investment advice is needed.
The Financial Coach (Mediation or Traditional Divorce)
The Financial Coach helps one member of the couple and the attorney in:
- Understanding the extent and value of the marital estate,
- Requesting financial documents.
- Understanding the financial documents provided by the other spouse.
- Compling with requests to produce financial documents.
- Identifying and prioritizing financial needs.
- Creating a realistic budget.
- Working on short and long range financial planning.
- Creating and evaluating options for settlement.
- Understanding tax consequences of settlement options.
- Participate as a financially informed team member (Mediation)
Vicki D. McLellan is not an attorney and does not provide legal advice. All information she provides is financial in nature and should not be construed or relied upon as legal advice. Individuals seeking legal advice should solicit the counsel of competent legal professionals, knowledgeable about the divorce laws in Michigan