In the
global settlement scenario, timing is likely to be primarily driven by the authority «leading» the settlement negotiations.
We act as a financial neutral, working with both parties to understand their finances, as well as the results of
various settlement scenarios.
The Financial Consultant also helps the parties and their legal counsel develop and analyze viable financial options, and may prepare long - range projections regarding the future effect of
alternative settlement scenarios, taking into account living expenses, inflation, future earnings, and anticipated life changes.
Acting as a resource for developing and
exploring settlement scenarios and flagging tax implications, the financial consultant works with the collaborative lawyers to help both spouses reach a shared understanding of real - world financial limitations as well as possibilities for expanding the financial pie.
Collaborative Practice Toronto suggests advisors can help clients by: identifying, clarifying, and prioritizing financial needs and concerns (needs during or after the legal process); determining adequate budget and financial arrangements for the children's changing needs; and contrasting and comparing
different settlement scenarios, and empowering spouses to make fully informed financial decisions.
We help divorcing people (whether individually or jointly), and their attorneys, on many the financial aspects of divorce, including preparation of
possible settlement scenarios, cash flow analysis, separate property tracing, life style analysis, QDRO preparation, etc..
For any given issue in the divorce (e.g. property / debt division) each party works with his or her attorney, and often also with one or both of the neutrals, to come up with two or three
settlement scenarios that the party thinks would work for the family as a whole (not only the one party generating the option), taking into account logistical, emotional / psychological, legal, and financial interests at play in the case.
And the financial professional then, later on downstream, can help us project the financial consequences of
any settlement scenario we might be considering so we know if it's going to work, not just today, but 15 or 20 years down the road.