Tag Archives: Benefits of Collaborative Divorce

What is Collaborative Divorce? The Video

What is Collaborative Divorce?

We spend a lot of time trying to explain collaborative divorce on the WolfBridge Financial blog and our new video follows that pattern.

WolfBridge CEO, Michael Kothakota, recently sat down to discuss in simple terms what collaborative divorce really is. In the video he specifically breaks down the difference between collaborative divorce and traditional divorce and explains the role of a financial neutral in the collaborative divorce process.

For additional free collaborative divorce information, check out the links below:

More Free Information on Collaborative Divorce Process:
–> Interdisciplinary Collaborative Divorce: A Process for Effective Dispute Resolution
–> Podcast: The Differences Between Traditional & Collaborative Divorce
–> Collaborative Divorce in Simple Terms
–> Who is Involved in the Collaborative Divorce Process
–> Financial Benefits of Collaborative Divorce
–> Podcast: Choosing 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

What is Collaborative Divorce?

What is Collaborative Divorce_WolfBridge Financial

Divorces aren’t easy.

No matter what the final reasoning was behind making this choice – it was no doubt a difficult one. At one point you loved this person so much that you envisioned your entire life with them. Now you have a family and need to figure out the best way to transition into your new life.

Many couples end up in lengthy, high conflict situations with attorneys on both sides battling to divide property and custody of children. Other couples may have no problem splitting and simply need help getting paperwork done – the rest they can figure out themselves.

For everyone else there is an option you may or may not be familiar with yet.

Collaborative Divorce.

Couples who may not be on the same page in terms of property division, child custody and spousal support, but are willing and able to do whatever it takes to make the process run smoothly can really benefit from this way of proceeding with their divorce.

In short, collaborative divorce is a process in which you and your spouse negotiate an acceptable agreement with a variety of professionals (or a team) helping navigate the process. This may include an attorney, financial specialist, child specialist and co-parenting advisor.

There are many benefits to handling divorce in the hands of a group of professionals with your financial and family situation in mind including:

  • No trial or litigious hearings and agreement of legal procedures to cut down expenses
  • Stability through a temporary agreement
  • Voluntary exchange of information
  • A negotiated a settlement
  • Come to an agreement on how post divorce issue will be handled.
  • Mediation Training
  • Neutral Financial Specialist who helps you and your spouse understand any issues surrounding your divorce

Main Goals of Collaborative Divorce

While it is nice to stay out of court and save a little cash, the main benefit of collaborative divorce is that it puts the children first. The child specialist works as the voice of the children throughout the proceedings while a co-parenting specialist helps create a plan for how you can most effectively take care of your child after the divorce is complete so that he/she is not negatively affected by the experience.

At the same time, the financial specialist will serve as an un-biased intermediary to help resolve property and budget issues so that there isn’t any unnecessary burden on either party and that things are split up amicably.

What does a Collaborative Divorce Cost?

It depends on the team of professionals you end up working with. One thing that is for certain is that it is a lot less expensive than a traditional divorce. You are not paying for costs associated with hearings, discovery of information or even court delays. Instead you are typically paying hourly fees for the help of the aforementioned professionals as they help try and make this experience a much more pleasant one.

Where can I find out more on Collaborative Divorce?

The links below can be very helpful for those considering a collaborative divorce in the state of North Carolina.