Negotiating family law

The Role of a Financial Planner in Family Law

In our experience, fear and uncertainty about finances is often top of mind when ending a relationship. Understandably, people’s anxiety around their new life and whether they can maintain elements of their existing lifestyle is common. Assessing the financial position and what it will look like is an important part of family law.

How can a financial planner can assist in family law? 

Collaborative family law has a focus on transparency. It relies on the sharing of information to reach an outcome that is supportive of both parties’ needs. Working with a financial planner can help you understand and plan for the next phase of your life.

A key feature of financial transparency is recognising the needs and wants of all parties. Budgeting for these costs is an important part of the collaborative approach to the marriage separation process. Parents come to an understanding of each other’s priorities for their children and agree how the monetary aspects may be managed.

Planning for the life you wish to lead

A collaboratively trained family lawyer, working alongside a financial planner allows each party to discuss their priorities. This includes things like education for children, living arrangements and financial goals. It may also include discussion of each party’s experience with things such as budgeting.

A financial consultant and experience family lawyers look at the shared assets, liabilities and earnings of each partner.  They examine consequences of the proposed settlement and how this will impact the new life they wish to lead.

A financial planner’s expertise within the family law process ensures all parties are aware of their current and future financial state.

 

At Umbrella Family Law we understand that the end of a relationship or divorce can bring financial upheaval necessitating a realignment of plans, aspirations and expectations.  Having worked in family law  over a number of years, we know that financial awareness and understanding is central to achieving a satisfactory legal and financial end to a relationship.