Category Archives: Divorce - Page 2

Podcast: Choosing Collaborative Divorce

WolfBridge Financial podcast

As mentioned in previous posts, the WolfBridge Financial team works with groups like Separating Together and the North Carolina Association of Collaborative Divorce Professionals (NCACDP) to promote the Collaborative Divorce process.

In a new podcast from WolfBridge Financial CEO, Michael Kothakota, we cover the process of choosing Collaborative Divorce. This podcast could be extremely helpful if you are in the midst of a divorce and are unsure as to what you should do. It explains whether or not you may be right for collaborative divorce and how you can get the process started. A full list of the questions asked can be found below.

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1. Who is right for collaborative divorce?
2. What if you don’t think your spouse will be cordial in the collaborative meetings?
3. How can I get the Collaborative Divorce Process Started?
4. What questions should I ask collaborative divorce professionals before choosing one?
5. I know the collaborative process puts a great deal of emphasis on making sure the kids aren’t forgotten. Can you explain how they are involved in the process?
6. What if I have additional questions about the collaborative divorce process?

Additional Free Information on Collaborative Divorce Process:

–> Podcast: The Differences Between Traditional & Collaborative Divorce
–> What is Collaborative Divorce
–> Who is Involved in the Collaborative Divorce Process
–> Financial Benefits of Collaborative Divorce

The Financial Benefits of Collaborative Divorce

A typical divorce is a long, costly process – both emotionally and financially. Once in the court system, a divorce case can often take at least 18 months (or longer) to resolve. Attorney and court fees can pile up in a hurry during this time period. Because of this, family law practitioners & their clients are increasingly turning towards the collaborative divorce process to save time, money and to create better outcomes for both spouses.

Let’s take a look at just one of the benefits today though. How does the collaborative divorce process save me money?

The financial benefits of collaborative divorce include:

• Major reductions in court costs/fees (no trial).
• Reductions in lawyer fees associated with going to court (hearings, discovery, appearances, etc.).
• Fixed overall costs that can help with long term budgeting

Removing a trial from the divorce process also removes a host of court fees and other costs that come from having to always be in court, like additional child care, time off from work, etc. The collaborative divorce process is more flexible than traditional divorces and allows both parties to work on their own schedule. No need to take vacation days to complete the divorce or to find someone to watch your children while you’re spending two days with your attorneys. A flexible schedule allows both parties to save money.

You’re also saving money on the lawyer fees side. Since collaborative divorces are completed much quicker than traditional divorces (on average about 18 weeks), you save money with a much shorter overall process.

One thing you do need to understand is that a collaborative divorce CAN cost more than a traditional divorce – it just isn’t likely. A collaborative divorce can be counted on to cost between $16,000 and $18,000 no matter what happens. Because the cost is fixed, it is much easier to budget now and for the future.

A traditional divorce may only cost a few thousand dollars if you are extremely lucky, but typically costs will escalate anywhere between $20,000 and $50,000. Traditional divorces can even cost much more than that depending on how bad things get in proceedings.

Any divorce is going to cost money, but not all divorce processes are created equal. Collaborative divorces are an increasingly popular alternative to a traditional divorce and end up saving time, money and reducing stress on the spouses and family.

Find out more details on the Collaborative Divorce Process at the following links:

–> Podcast: The Differences Between Traditional & Collaborative Divorce
–> What is Collaborative Divorce
–> Who is Involved in the Collaborative Divorce Process

Podcast: The Differences Between Traditional & Collaborative Divorce

WolfBridge Financial podcast

Divorce is a tough thing for anyone to go through. There are other ways to go through the divorce process, however, than the typical court battle most folks see on TV and in movies.

At WolfBridge Financial, we work with groups like Separating Together and the North Carolina Association of Collaborative Divorce Professionals (NCACDP) to promote the Collaborative Divorce process.

What is the collaborative divorce process? We answered that question a few weeks ago on this very blog. You can find it HERE.

In the Podcast below we want to dig deeper into the specific differences between Collaborative Divorce and Traditional Divorce. WolfBridge CEO, Michael Kothakota, answers some important questions that help differentiate the two processes and hopefully make your decision easier when choosing which route to take.

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1. What are the most basic differences in the two divorce processes?
2. Can you elaborate on the full disclosure clause?
3. How is the negotiation process different in collaborative divorces?
4. What are the different steps in the collaborative divorce negotiation process?
5. Why is the agreement made in collaborative divorce between ex-spouses considered durable?
6. How long are meetings in the collaborative process?

Who is Involved in the Collaborative Divorce Process?

Collaborative Divorce Process

As mentioned previously in our blog post, What is Collaborative Divorce?, the collaborative divorce process is one that can help make the divorce experience easier on entire families. In this post I wanted to more specifically break down the different professionals involved in the collaborative process and what each of their roles entail.

Each professional is integral in the process and will help create an experience that not only gets you through the divorce peacefully, but helps your family long after.

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Attorney

Experienced and specially-trained collaborative attorneys have each chosen to restrict their law practices to handling family law matters outside of the courtroom. What this means more specifically is that they have chosen to not work with traditional divorce cases. Instead, they guide their clients through the practical, emotional, and financial aspects of separation, divorce, and co-parenting in a non-adversarial manner.

Co-Parenting Advisor

Psychologists are a part of the collaborative divorce process in the role of Co-Parenting Advisors. For divorcing couples who elect the “Team Collaborative Process, co-parenting advisors participate with the attorneys as part of an interdisciplinary team. The co-parenting advisors specific focus is on the children in the divorce and the type of parenting the will receive during and after the divorce.

Each parent works with their own co-parenting advisor throughout the process with the main goals as follows:

  • Help parents create and agree upon a mutually beneficial parenting plan for after the divorce
  • Coach spouses on ways to communicate effectively and without hostility
  • Prepare for their relationship as co-parents instead of spouses

Child Specialist

Additional psychologists serve another very important role in the collaborative divorce process – that of a child specialist. The role of the child specialist is to make sure the voice of the child is heard during collaborative divorce meetings. A major role in the collaborative process is shielding children from the anger and stress of their parents during such a difficult time and the child specialist gives that child an adult voice.

The child or children will meet privately with the Child Specialist to engage in discussions that help the specialist learn how the child is experiencing the divorce and what the child may not want to share directly with their parents.

Financial Specialist (aka Neutral Financial Specialist)

Financial specialists offer neutral financial analysis services during the collaborative divorce process. They guide couples toward reasonable, mutually agreeable choices regarding property division, alimony, and child support payments. These financial professionals have participated in collaborative divorce training sessions to learn how to adapt their skills to support families in transition.

Note: Michael Kothakota, CEO of WolfBridge Financial is a member of the North Carolina Association of Collaborative Divorce Professionals and Separating Together. He believes in and practices collaborative divorce.