Citywire explains the role of the financial specialist in collaborative divorce cases.
Keith G Churchouse writes (excerpt):
Collaborative Divorce is neither mediation nor arbitration. It is a new way of settling divorce, where you seek what is right for each other with the help of a team of professionals, including a financial planner who has passed the resolution exam to perform the role of a financial neutral.
The main role of the financial neutral is to enable the couple to reach an agreement on the financial settlement often the most contentious and acrimonious part of the divorce process, and due to this often takes the most time and money under the normal divorce process.
The assets accumulated during the marriage need to be identified and then divided to provide a solution so that both parties can move on with their lives, and therefore these financial issues can be complex.
The financial neutral (with both parties involved) will calculate their needs, as well as help to stabilize the financial situation, during and after the divorce. They will create an inventory of all assets and liabilities, analyse various settlement scenarios, including the both parties needs when they reach retirement.