How do I safeguard the financial future of my children in a collaborative divorce?

When divorcing in California, it is important to protect your children’s financial future. Collaborative divorce law provides parents with a way to make this happen. To begin, it is important to understand that collaborative divorce is a type of out-of-court dispute resolution process, which typically requires the input of a family lawyer and a mental health professional. Before the divorce process begins, the couple must both agree to enter into the collaborative divorce process and to abide by the terms of the agreement. During the process, each parent has the opportunity to create a financial plan which takes into account the economic impact of the divorce, such as division of assets, child support, and spousal support. The plan should also consider the impact on any existing investments, retirement accounts, and other future plans. Once the plan is established, it is then reviewed by the lawyers and agreed upon by the couple. This ensures that both parties are treated fairly and that all their financial interests are taken into account. Additionally, the collaborative divorce law in California includes provisions that focus on the children’s financial needs. For example, the agreement may stipulate that each parent holds a life insurance policy that will provide funding for college education or other major expenses for the child. Another provision may include setting up a college savings or trust fund, or dividing retirement assets for the benefit of the children. By following the collaborative divorce process and taking into consideration the financial future of the children, parents can protect their children’s best interests while getting a divorce.

How do I safeguard the financial future of my children in a collaborative divorce?

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