Top Four Reasons Why You Should Hire a Divorce Financial Specialist

by Shawn Weber, CLS-F
Attorney, Weber Dispute Resolution

There are so many financial implications to divorce, it is best to work with a financial professional on your side.

There are so many financial implications to divorce, it is best to work with a financial professional on your side.

In my years as a Collaborative Divorce practitioner, folks have asked me why they should spend the money to hire a Financial Specialist as part of their divorce team. A financial specialist is an excellent resource, who can bring a neutral financial perspective to a legal process. Here are my top four reasons why it makes TONS of sense to hire a financial specialist as part of your divorce team:

  1. It’s Usually Not a Good Idea to Ask a Lawyer for Financial Advice. Most went to law school instead of getting an MBA for a very good reason. I, for one, went to law school so I could avoid math. (Ironically, I do math all the time anyway). I know there are exceptions, but we attorneys are generally not trained to be financial advisors. Yet many of our clients ask us to play that role.
  2. You Don’t Know What You Don’t Know. There are so many financial implications to the decisions you are about to make regarding your property, cash flow and debt. Why not get with a professional who knows the questions you may not know to ask. As an attorney, I am grateful when a financial specialist points out a tax pitfall that I may not have known about.
  3. Your Spouse May Trust the Neutral Financial Specialist More Than You. Let’s face it. You’re getting a divorce and often trust can be an issue when a divorce is happening. Don’t worry! You don’t need to have trust. Let the Financial Specialist digest all of the financial data into a digestible format. This gives your spouse less reason to be distrustful because a neutral third party helped assemble the information. Increasing the trust factor saves money by preventing the need for costly forensics.
  4. You Have to Do a Financial Disclosure Anyway. Why Not Let the Financial Neutral Do This? In every California divorce, a full and complete financial disclosure is required. You can pay your attorney at his exorbitant rate to put the disclosures together, or you can have a financial professional take care of this part. You’ll spend less money and get better work.

The temptation is to assume that hiring more professionals costs more. But, often the opposite is true. Just like any mechanic will tell you, use the correct tool for the correct job. The Financial Specialist is the best tool to use when considering the financial aspects of your divorce.

Nine Tips for Deciding Fair Spousal Support

by Robin DeVito, Attorney at Law

One of the more difficult issues facing people getting divorced is the issue of spousal support. For both parties, questions generally focus on how much support will be, and how long is it paid.

There are three types of spousal support orders.

The first: Money is paid for spousal support for a period of time.

The second: Money is not being paid for support, but the recipient spouse may go into court to ask for support. This is commonly called the court reserve jurisdiction over the issue of spousal support.

Spousal support decisions during a divorceThe third: The right to ask for spousal support is terminated forever. This means that the spouse may never ask the court to order spousal support.

Through my experience as a family law attorney, I have created a list of nine tips that will help you navigate this tricky area of your divorce.

For the party requesting spousal support:

  1. Be realistic when listing your needs. Your needs are your monthly expenses. A financial specialist can assist in preparing a realistic list of expenses.
  2. Determine if there is anything you can do to increase your income instead of relying on help from support payments.
  3. Put together a plan for school or training to increase your income.
  4. Be realistic about the changes that will occur with both your household and that of your spouse.
  5. Remember that spousal support is not a number generated by a computer. While we have “rules of thumb” for the length of time support may be paid, there are a number of factors that come into play under the law to assist in the calculation of spousal support.

For the party being asked to pay spousal support:

  1. Be realistic as to the time it will take your spouse to become self-sufficient.
  2. Remember that forcing a spouse into a low paying job is counter-productive.

For both parties:

  1. Each party must fully disclose their income from all sources. A financial specialist can assist in the identification of income.
  2. The goal of each party should be self-sufficiency within a reasonable period of time. If it means paying more up front to allow the party requesting support to complete training or education to increase his or her long-term income opportunities, think about it. It makes sense.

Couples who pursue a Collaborative Divorce work with a financial specialist as part of their divorce team. If you need to work through spousal support issues, you may want to consider the Collaborative Process for your divorce.

Contact the Collaborative Family Law Group of San Diego to find out whether a Collaborative Divorce is right for you.