When you and your spouse have decided that a divorce is the best way to separate, understanding how to proceed is essential. Unfortunately, many do not realize the benefits of working with your spouse when possible during a divorce. Though this is an emotional and often contentious time, a collaborative divorce is a financial option to consider. Keep reading to learn more about this process and discover how a Monroe, Louisiana divorce lawyer can help you navigate this challenging time.
What Is a Collaborative Divorce?
A collaborative divorce is a process in which a couple will work together through mediation and negotiation to determine the terms of their divorce. This differs from a court battle, as it is less contentious and gives the couple more control over the division of assets. Court battles can be lengthy and tense, with the fate of your assets left to a judge who has only heard a few minutes of arguments from both sides.
Instead, working with a neutral third-party mediator can help facilitate a conversation about the division of assets, alimony, child custody, and more.
However, it is essential to note that this process will not work for all couples. Generally, for those with a history of domestic violence or a power imbalance, it is not ideal to pursue a collaborative divorce.
How Can It Protect My Finances?
One of the significant benefits of a collaborative divorce is that it can help protect a couple’s finances. As previously mentioned, choosing to settle the differences in court can be a costly process between the court fees and the time you need to take off work to attend the hearing.
Similarly, the judge who is unfamiliar with your circumstances, only having heard a few minutes from each side, will determine how your assets are split. In Louisana, marital property is subject to community property laws. This means any assets, property, debt, or funds accrued during your marriage are split evenly between partners, even if one spouse contributes more to the relationship than another. A collaborative divorce can help you retain assets by negotiating with your spouse. For example, you may keep your retirement account in exchange for relinquishing the family home.
Do I Still Need an Attorney?
One mistake many make is they believe a collaborative divorce means they shouldn’t consult an experienced divorce attorney. This is far from the truth, as retaining the assistance of an experienced attorney is essential to ensuring you receive the best possible outcome from your divorce. They can help guide you through the process to protect your finances.
At Breithaupt, DuBos, & Wolleson, LLC, we will do everything possible to help you through this challenging and emotional time. Contact our office today to learn how our dedicated and professional legal team can assist you.
