Hurdles to Overcome as a Divorce Client
Martial partners who have decided that their troubled relationship is beyond reconciliation may face several roadblocks before their separation is complete. To manage expectations from start to finish, and to allow for more productive and efficient conversations with their family law lawyer, divorce clients should be mindful of the following items.
- Lack of financial disclosure: A lack of disclosing financial information, such as income, assets, and debt from either party can cause serious problems for divorce clients. Full financial disclosure is crucial to determining child and spousal support payments, as well as property division. Being financially transparent upfront means lower legal fees over the long run and clarity in negotiations.
- Delay in receiving overseas property valuation: Another log jam that some divorce clients experience is locating reputable valuators for businesses, homes, and vacant land located outside the jurisdiction. Ensuring that the valuators are impartial, current members of a governing body and are able to provide a written report in a timely manner benefits both parties.
- Complexities and grey areas in valuing the family business: The family enterprise creates another layer of complexity for divorce clients, especially when both parties are employed by or hold a financial stake in the corporation. The business will need to be valued. By jointly retaining a Chartered Business Valuator you inspire resolution and remove conflict and the need to critique two independent valuations.
- Exploring and maintaining family relationships: In addition to issues surrounding finance, property and the family business, many divorce clients begin their separation with a lack of knowledge of the journey ahead. Calming family dynamics during negotiations focusing on parenting rights, financial support, and disposing of sentimental assets is best handled in the private collaborative or mediation process. The shared intent to develop a mutually beneficial solution also means reduced acrimony.
- Time management: Handling conflicting schedules with business operations, four-way settlement meetings, the kids’ different activities at different times and locations can be a lot to handle for divorcing family business parents. Preparation and planning can ensure that the right resources are delegated to their best use for family matters allowing ongoing business matters the due attention they require.
- Intentionally using collaborative process or mediation: Keeping sensitive family matters out of court also keeps confidential business matters away from the public eye. The out of court processes of collaboration and mediation are not for everyone. Those who realize that full financial disclosure, facilitated consideration of difficult issues and the creative combining of favored elements helps separating spouses develop their ideal resolution. With their dignity and privacy intact, these agreements are durable and help and support families through this transition. The collaborative approach and mediation require open cooperation and input from each party.
- Develop a network of support in the business: Managing all facets of a divorce negotiation while handling crises at the shop can become overwhelming quickly. Productivity at work can be handled with support from your trusted colleagues and staff until the domestic contract is signed.
These are just some of the many potential logjams that can develop for divorce clients. To discuss the best process forward and identifying and unraveling potential roadblocks during your separation, schedule a private consultation with Lorisa Stein today.