How do I handle pre-divorce and post-divorce financial issues in a collaborative divorce?

In a collaborative divorce, there are specific steps each party can take to help handle pre-divorce and post-divorce financial issues. Prior to divorce, both parties should consider seeking independent legal advice. This is especially true if there is a large difference in income between the parties or if there are existing prenuptial or postnuptial agreements. During this time, parties should also identify, organize, and assess all of their assets. This includes bank accounts, investment accounts, insurance policies, and real estate. Each party should also pull their credit report to identify any outstanding debts that may need to be addressed in the divorce. Moving forward, each party should obtain a valuation of all marital assets by a qualified appraiser or financial expert. Once the value of these assets is determined, parties should negotiate a fair division of assets and liabilities. During negotiations, parties should also consider how alimony and child support payments will be handled in the post-divorce period. At this point, both parties should seek legal advice to review the settlement agreement and ensure there are no gaps. Once the agreement is finalized, each party should update their estate plan, retirement accounts, and insurance policies to reflect the new agreement. Finally, both parties should evaluate their current financial situation to ensure they are in a stable position. This could include creating a budget and exploring financial advice from a financial planner or consultant. By following these steps, each party is able to handle pre-divorce and post-divorce financial issues in a collaborative divorce.

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How do I handle pre-divorce and post-divorce financial issues in a collaborative divorce?

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