What is the role of a financial professional in a collaborative divorce?

A financial professional is an essential part of the collaborative divorce process in New York. This professional provides financial advice to both parties involved in the divorce. They are responsible for gathering all of the necessary financial information from both parties and preparing a comprehensive financial summary for each side. This financial summary includes income details, assets and liabilities, spending habits, and any personal debts. The financial professional helps both sides understand their current financial situation and identify areas of financial need or areas of financial security. This understanding allows both sides to make informed decisions during the collaborative process. The financial professional also helps both sides develop a plan for the future. This plan may include budgeting techniques, debt settlement strategies, investment goals, and any other decisions needed to ensure financial stability post-divorce. The financial professional can also help each side understand any tax or legal implications of the divorce. The financial professional is also responsible for monitoring and enforcing the divorce agreement. This includes ensuring that all payments are made on time, administering accounts, and ensuring that both sides are aware of any changes in their financial situation. The financial professional is a valuable asset in every collaborative divorce—allowing both parties to make informed financial decisions and come to a mutual agreement.

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What is the role of a financial professional in a collaborative divorce?

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