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Collaborative divorces may lead to more financial stability

Some people in Minnesota who are ending their marriages may want to join a growing trend of couples who are taking a more collaborative approach to divorce. The process can cost upwards of $15,000 and leave one or both people less financially stable, but hiring a financial planner may help. Some financial experts believe this approach benefits the entire family.

The financial planner can be one element of a person's divorce team that also includes people such as an attorney and family members who can offer emotional support. With this assistance, a person might feel more prepared to negotiate with a spouse even if there has been a great deal of conflict.

However, rushing into a settlement could be both emotionally and financially harmful. It is important that people take time to make plans for all financial aspects of their lives after divorce and not just account for major assets such as a house. For example, they may need to change car insurance. They should also look at medical insurance including who will cover their children.

Even when people are concerned about their financial well-being, they might struggle to negotiate with a spouse during the divorce process. Some couples find that mediation or other alternative dispute resolution methods help them reach an agreement. Unlike litigation, mediation focuses on a cooperative solution instead of taking an adversarial approach. Since it is not legally binding, if it is unsuccessful, couples still have the option of going to court if necessary. However, negotiation does offer advantages such as giving the couple control over the final outcome and allowing them to create an agreement that suits their situation.

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