Why a Collaborative Divorce Makes Financial Sense

FOR IMMEDIATE RELEASE

March 13, 2020

 

Save Money, Stay Out of Court & Incorporate a Financial Professional to Plan for Future

HARTFORD, Conn; March 13, 2020 – Tax time is always a hassle, and some years can bring more challenges than others. Couples who have recently separated or divorced will face many new financial issues, often more complicated than anticipated. The best way to handle this is, of course, to plan accordingly in advance.

“The day your divorce is complete is the first day of the rest of your life. From a financial perspective, everything changes,” said Edward Goldberg, CFP®, ChFC, CDFA®, a financial planner with a specialty in divorce financial work (CDFA). “For many, it may be the first time to consult with a financial planner/advisor and build a comprehensive financial plan for the future.”

Goldberg is a financial advisor with the Connecticut Collaborative Divorce Group (CCDG), a Hartford-based group of professionals that aims to keep divorcing couples and their children out of court using a team approach to family conflict resolution called Collaborative Divorce. One advantage of the Collaborative Divorce process is the opportunity to work with a neutral financial professional who provides expertise in all financial areas and helps couples look at the financial big picture as they work toward an agreement.

“Couples want to know how to allocate the family finances in a way that can support two households. This requires making some important financial decisions as part of and during the divorce process,” he said. “Divorce is a life-changing event, and having a financial professional on the team serves to inform and empower someone going through this traumatic event.”

In addition to helping with the division of assets, Goldberg’s role is pivotal to navigating the complex financial landscape that includes regularly changing income tax laws. The financial professional also advises clients on best practices and recommendations to avoid penalties, explains the financial ramification of any proposed agreement, assists in the collection and organization of required financial statements and documents, and helps to develop a post-divorce budget.

One distinction of a Collaborative Divorce from a traditional litigated divorce is the role of neutral parties to reach a resolution that focuses on the needs of the couple, not the court process. In a Collaborative Divorce, couples work with a skilled and caring team that includes attorneys and mental health professionals and one specifically trained financial professional. The process allows couples more control over the outcome of their separation, takes the entire family into account, and is often less expensive than a litigated divorce.

“The collaborative process is one of the most productive ways to divorce,” Goldberg said. “Members of CCDG are uniquely qualified – through training, ongoing learning and, of course, practical experience – to conduct collaborative divorce cases by integrating mental health professionals as coaches and financial professionals as objective neutrals.”

To learn more about the collaborative divorce process, visit www.ctcollaborativedivorce.com. CCDG members are available for in-person and telephone interviews.

About CCDG: Connecticut Collaborative Divorce Group is a group of experienced divorce professionals, including divorce and family lawyers, financial and mental health professionals who have been specifically trained in the collaborative process. Each member of the group has made a commitment to the goals of collaborative practice in order to help people achieve fair and lasting settlements without using the court or even the threat of court. Additionally, each member attends regular meetings and training sessions designed to develop and enhance their collaborative divorce skills. For more information visit: www.ctcollabrorativedivorce.com