The Collaborative Law Financial Specialist
The Collaborative Law financial specialist is a neutral financial professional who can assist the Collaborative Law team in optimizing a financial settlement for the clients. The financial specialist is particularly helpful because, as a neutral member of the team, the financial specialist offers a purely objective view regarding the finances. Clients can be confident that the financial specialist is working hard for both clients to maximize the financial terms of the settlement.
Here are just a few of the ways the Collaborative financial specialist can assist the Collaborative team:
Provide a comprehensive, neutral perspective of the financial situation.
Educate clients regarding financial concepts.
Explain tax consequences and point out potential pit-falls.
Model long-term financial projections using sophisticated financial software.
Work directly with the clients to gather financial documentation (rather than having two attorneys work on it).
Suggest other options that the clients or attorneys may not have considered.
The Collaborative financial specialist adds value to the process both in terms of increased efficiency and specialized knowledge. Even with all of the above benefits, not all cases need a financial specialist. In a simple divorce, for example, the attorneys can often handle the financial aspects of the divorce without having to bring in a specialist.
Although the Collaborative Financial Specialist is often discussed in the context of Collaborative Law, this professional can also be used in mediation.