The Financial Benefits Of Collaborative Divorce

Divorce can be expensive, especially for couples who share children. To save on some of these costs, a couple should consider a more cost-effective option than a litigated dissolution, such as collaborative divorce.

What is Collaborative Divorce?

A collaborative divorce is a legal process wherein a couple attempts to negotiate all the terms of their separation without going to court. Generally, this process involves a combination of mediation and negotiation to reach an agreement on the most important terms of divorce, like property division, alimony, and custody or child support.

The Collaborative Divorce Process

The process begins with a compromise between both spouses to negotiate and work together to reach an out-of-court agreement. Both sides will be represented by an attorney, who they will meet with separately to discuss their goals regarding asset division and custody, often with a collaborative divorce team that includes a divorce coach and financial specialist. Eventually, all of the parties will meet together, sign an agreement to enter into collaborative negotiations and then get to work on reaching a mutual settlement. Both parties will need to voluntarily provide their spouse with information necessary to negotiations, like details about salary and income, ownership of assets, and debts. Once the parties have reached a consensus, the lawyers will draft a settlement agreement that both will need to sign. As long as the judgment is fair and reasonable, a court will approve it and grant the couple’s divorce.

It’s important to note that if either couple decides that collaborative divorce is no longer possible, the parties will need to litigate the remaining issues in court. Furthermore, neither party can be represented by the same attorney during the trial, but will need to find alternative representation.

Collaborative Divorce is Cost-Effective

Collaborative divorces are considered cost-effective because they place the focus on an amicable separation, where both parties work together to come up with a settlement. While the legal teams will be there to consult with the couple, the spouses will largely be responsible for guiding the process. With this approach, collaborative divorces tend to be resolved much more quickly than litigated divorces, as the parties need not go to court. Resolving a divorce without a hearing can cut costs for a couple’s divorce, as the parties won’t be required to pay court fees, but will instead only be responsible for filing and attorney’s fees. With this focus on what the parties can afford and on preserving assets, many couples who engage in collaborative divorce find that they have more money for finding or refurbishing a new home, purchasing a car, and paying other divorce-related expenses.

Contact a Florida Divorce Lawyer

Your divorce doesn’t necessarily need to feel like an all-out war. To learn more about collaborative divorce and whether it could be right for your family, please call dedicated Florida divorce attorney Sandra Bonfiglio, P.A. today. Schedule a consultation by calling 954-945-7591 or by contacting us online.

Sources:

law.cornell.edu/wex/collaborative_divorce

floridabar.org/the-florida-bar-journal/the-collaborative-law-process-rules-this-is-how-we-do-it/