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Divorce pro recommends retaining financial planner and mediator

Experts agree that in Tennessee and elsewhere, the process of divorce can be made smoother if spouses work together on financial matters instead of constantly arguing. Property division may never be easy, but drawing upon the expertise of a financial planner who's also trained in mediation may bring a more equitable outcome regarding shared assets and income. One expert says that financial issues make up a large portion of the emotional pain of a divorce, especially when it comes to one or both parties giving up the family home and moving into a smaller place.

Possibly aggravating the situation, she says, might be that one partner was a stay-at-home spouse, meaning that the cutting of expenses and change in lifestyle may be more complex than simply dividing everything in half. She reminds couples that the most effective way to preserve and even expand marital assets is for the soon-to-be-ex-spouses to collaborate rather than work in an adversarial manner.

She recommends that former couples involve a financial planner during the divorce mediation process since addressing money issues is such an important part. Although an expert may recommend that couples involve financial planners in the mediation process, it is highly advisable that people who do only mediation not get involved in the financial planning process.

Attorneys with a focus on family law may be able to help clients maximize economic resources and minimize economic costs during divorce disputes. For example, both parties may be surprised to learn that retirement accounts and other bank accounts are considered marital property in the eyes of a divorce court. Whether dealing with simple property division or more complex issues regarding property obtained during the marriage, an attorney may be able to help.

Source: Financial-Planning, "Divorce Ahead? Help Clients Get a Fair Deal", Elliot M. Kass, November 21, 2013