Virginia Collaborative Law - Divorce & Cost of Litigation

Virginia Collaborative Law - Divorce & Cost of Litigation

VIRGINIA COLLABORATIVE DIVORCE

THE COST OF DIVORCE- PART IV

COLLABORATIVE FINANCIALS

The majority of parties divorcing in Virginia have difficult decisions to make regarding the division of assets and debts. In the Virginia collaborative divorce process the parties have the option of engaging collaborative financial professionals to assist them in evaluating their current financial status and to assist them in formulating a plan for the survival of their restructured family.

In traditional Virginia divorce litigation, the parties come forward, each entrenched in their position as to what assets they want to keep for themselves, what portion of the debt they are willing to assume, and whether they will demand spousal support or pay spousal support, and if so, how much and for how long. The parties then hire and pay for their separate professionals to support their positions. What the parties are facing then are competing professionals. Not only will the professional charge hourly for the work they do to evaluate, review and report on the particular issues, the professional will then be paid per hour by the party for the day(s) they testify in court. Often anything gained in a trial has already been expended for the professionals. At trial, the Judge is presented with competing views, and the parties are then putting their financial viability in the hands of a Judge who does not know them or their children and who unfortunately does not have the expertise or luxury of time to devote to comprehensive financial planning, and the parties leave their trial on shaky ground, not quite sure how the Judge's ruling will help them pay their bills, save for their future, or support their children.

The Virginia collaborative divorce process alleviates the need to hire competing professionals. The collaborative financial professions are neutrals, working with the parties jointly to educate each party and to present options and scenarios so that the parties can acknowledge their present situation and anticipate their futures. Of course, using the collaborative divorce process does not guarantee that parties will see eye to eye on every issue, that neither party will have to compromise, or that both parties will enjoy a new life free from financial worry. What it does ensure is that both parties have all the information they feel they need to make well-informed choices, that there will be no "surprises" as to what they take from the marriage or as to what their obligations will entail, that they have the chance to make sure each party leaves the marriage on the best footing possible, and that money that the parties need for their future will not be wasted in hiring multiple professionals and paying duplicate fees.

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