Equitable Divorce Resolutions provides financial consultation for couples going through marriage or partnership dissolution through Collaborative Process, Mediation, or a traditional divorce process. Services may be provided as either a Financial Neutral, (Collaborative, Mediation, Self-represented) or Financial Coach (Mediation or Traditional).
Financial Settlement Specialist
For couples who wish to work together in developing your own financial settlement without legal representation (Self-represented or In Pro Per) Equitable Divorce Resolutions will work with you and your spouse / partner to gather and review financial documents, and develop a complete Marital Estate statement (Net worth- Assets and Liabilities). Facilitating a discussion of options, issues and financial and tax considerations will provide you information and tools to allow you to craft your own financial settlement terms. NOTE: This engagment is strictly financial and does not include parenting plan development and does not constitute legal advice
Pre-Settlement Tax and Financial Review
If you are close to concluding your settlement agreement Equitable Divorce Resolutions offers a limited engagement "Tax and Financial Review". This review will analyze only the financial and tax aspects of your proposed agreement to alert you to possible missing details or unintended financial consequences of your proposed agreement that you may wish to reconsider. This is not to determine the "fairness" of any proposal, but rather to make sure you understand the financial and tax issues that you should be aware of as a result of your agreement. This review is especially important with the new tax law changes. Call Equitable Divorce Resolutions today for more information.
The Financial Neutral (Collaborative or Mediation)
A Collaborative Financial Neutral works with both spouses as a member of the Collaborative Team to assist the couple in reaching agreement. Services provided include, but are not limited to:
- Assessing the level of financial understanding of each spouse, and educate each accordingly.
- Identifying financial issues specific to the case.
- Helping each member of the couple manage financial expectations.
- Working as a neutral financial analyst, creating income and expense projections for the near and longer term.
- Interpreting appraisals.
- Assisting with gathering documentation of income, expenses, assets and debts.
- Providing referrals for on-going financial planning or tax advice and preparation.
- Providing some or all of the services listed for the Financial Coach (below).
In order to maintain neutrality, the Financial Neutral does NOT provide any financial advice, planning or investment management to either spouse after settlement is reached. Referrals may be given if longer term planning or investment advice is needed.
The Financial Coach (Mediation or Traditional Divorce)
The Financial Coach helps one member of the couple and the attorney in:
- Understanding the extent and value of the marital estate,
- Requesting financial documents.
- Understanding the financial documents provided by the other spouse.
- Compling with requests to produce financial documents.
- Identifying and prioritizing financial needs.
- Creating a realistic budget.
- Working on short range financial planning.
- Creating and evaluating options for settlement.
- Understanding tax consequences of settlement options.
- Participate as a financially informed team member (Mediation)
The final divorce decree may provide a welcomed sense of closure to your divorce process. However, the Judgment of Divorce (JOD) does not always conclude tax and financial issues that may arise for you.
Do you have questions, concerns or need guidance and information about issues such as:
- General information and education to understand the financial consequences of the divorce decree
- Tax filing information- How to file, who claims the children, what is taxable income to me?
- Modification of child or spousal support- How might that impact me?
- How to transfer retirement account funds from or to my ex- spouse
- Is my spouses request to change or modify the terms of the settlement fair?
Vicki D. McLellan is not an attorney and does not provide legal advice. All information she provides is financial in nature and should not be construed or relied upon as legal advice. Individuals seeking legal advice should solicit the counsel of competent legal professionals, knowledgeable about the divorce laws in Michigan