How collaboration in divorce may bring more financial security

When it comes to New York divorces, many spouses are concerned about their future financial stability. Increasingly, couples are working toward collaborative solutions in divorce that can lead to more financially secure futures. Many ex spouses and financial experts have reported better outcomes using this approach.

One step in this process is to create a divorce “team” that includes a financial planner. An attorney and family members who can offer emotional support can complete this team. Working with a team may help better prepare a spouse to negotiate in a tense situation.

However, there should not be a rush toward a settlement. This can be both a financial and emotional mistake. Therefore, a spouse should take their time to understand the financial situation and options for property division. In addition to deciding what to do with large assets such as a home, they will also need to decide how they will handle things such as car insurance. Maintaining medical insurance, particularly for children, may also be a concern.

A collaborative approach might also be better for any children involved. It can be hard for them to watch their parents fighting over property and other assets. In addition to being easier on the family, negotiation is generally less expensive and quicker than going through litigation. It also gives spouses the opportunity to control the final settlement agreement. If they go to litigation and are unhappy with some of the judge’s decisions, there may no recourse. Legal counsel could provide valuable guidance throughout this separation process.