will my finances survive my divorce?
This week has been deemed "Dispute Resolution Week" by family
lawyers who are raising awareness of dispute resolution as a
modern, constructive and respectful method of resolving disputes.
Today family lawyers are asking separating couples who are
concerned about whether their finances will survive their divorce
to consider a collaborative divorce or to try mediation or
arbitration.
Savings and investment products have never been more complex
than they are today. Money can be held in a wide range of
investment vehicles with different tax treatments. Your savings may
range from old policies with complex guarantees to new investments
incorporating derivatives and hedge fund strategies. Personal
finance is rarely straightforward and as separating couples embark
on a divorce, they often wonder "Will my finances survive my
divorce?"
The factors that have the most impact on whether you end up with
a fair settlement that has protected and maximised your wealth
include;
- the willingness of both parties to fully disclose all financial
information
- the ability of all parties to assess the true value of the
assets held, and
- understanding how assets can best be split to suit your
individual future financial goals and agreeing a mutually
beneficial split of assets.
With dispute resolution, both parties agree to make decisions
that suit you and your family. This process of working together as
a team, in a respectful manner and with open communication means
that all finances are fully disclosed and time can be spent to make
sure that the value of the assets is fully understood.
You each with your lawyers/mediators to fully understand more
complicated investments and ensure that you maximise your
post-divorce wealth and avoid expensive mistakes.
Experts can also help divorcing couples make positive financial
plans for the future and ensure that the finances are separated not
just in a fair way, but in a manner that helps both achieve their
future financial goals.
