What are the financial implications of a collaborative divorce?

When going through a collaborative divorce in Washington, there are a few financial implications to consider. First, collaborative divorce can be expensive. Couples typically need to each hire their own lawyer, as well as a mental health or other professional to act as a mediator. On top of that, as the process develops, there may be additional costs if experts, such as accountants or appraisers, need to be consulted. Second, couples will need to figure out how their assets and debts should be divided. This includes not only items of value, such as a house or car, but also retirement plans, investments, and other financial holdings. The division of assets and debts must be fair, but that doesn’t always mean a 50/50 split. Couples agreeing to a collaborative divorce must come to an agreement on this issue. Finally, couples will need to establish a new budget and financial plan for life after the divorce. This could include changes to tax filings, setting up new bank accounts, and other financial considerations. In summary, going through a collaborative divorce in Washington could potentially be expensive, and couples must come to terms on how to divide assets and debts, as well as how to set up their finances after the divorce. It is important to understand the financial implications before beginning the process.

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What are the financial implications of a collaborative divorce?

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