Answering Your Questions About Divorce - Part 2

By Elaine Kiernan
Answering-Your-Questions-About-Divorce-Part

“People who have lost relationships often wonder why they can’t just let it be “water under the bridge.” It is water under the bridge—the trouble is we do not live on the bridge but in the river of life with its many twists and turns.”- Grant Fairley

QUESTION: I’m not ready to file for divorce, but I’m sure I will at a later time. What preliminary things can be done now?
ANSWER: Make sure you are maintaining accurate records and taking copies of investments, taxes, income and debt. See an attorney for advice so that you understand your rights and obligations. You will be able to plan better if you are educated in this regard.

QUESTION: Is there anything I can do if I believe my spouse is not revealing all of his assets to our attorneys?
ANSWER: Advise your attorney as well as provide him or her with whatever evidence or back up information you might have. The attorney has the power to subpoena the other party, or to subpoena the bank or other holder of the asset, in order to obtain the missing information.

QUESTION: Is it necessary to hire a lawyer to get divorced, or is enough to use a paralegal to save money?
ANSWER: You can use a paralegal to file your divorce papers with the court, but a paralegal is not an attorney and cannot give legal advice. The paralegal can type your papers, but he or she is working entirely under your direction. Attorneys take responsibility for your case.

QUESTION: How expensive is a divorce?
ANSWER: The least expensive divorce can be done yourself, with the help of a book. Next is a paralegal, and after that, a mediating attorney, and then a collaborative attorney. If you go to a litigating attorney and end up going to court, there is no upward limit as to what can be spent.

QUESTION: How long does the process usually take?
ANSWER: If you go to court and have litigation, it could take in excess of two years. If you mediate, it can be as quickly as your agreement can be established. In many states, you need to wait 6 months from the date of separation before your divorce is final.

QUESTION: What is the MSA?
ANSWER: MSA means Marital Settlement Agreement. This document will identify and divide all of your property, and provide for custody and support.

QUESTION: Can we write our own MSA without an attorney?
ANSWER: You can; however it is not recommended, because your settlement is a major financial transaction (probably the largest financial transaction of your life), and should be prepared by a person with education and expertise in the matter.

QUESTION: How do I find a competent attorney that I can
ANSWER: Check with your local Bar Association for a list of Family Law Specialists and/or Mediators. Many will offer at least a 30-minute interview at no charge. Be sure you evaluate how effectively you feel they communicate and are able to explain to you your options.

QUESTION: What is meant by a collaborative divorce?
ANSWER: Collaborative Divorce is when each party signs an agreement that they will not litigate, but will work to effectively reach an agreement that is advantageous to both sides. Usually each party has an attorney they can use to advise them as well as a mental health specialist that assists with the emotional side of reaching an agreement. Many times, there is also a financial advisor that assists in exploring the potential financial settlement options.

QUESTION: How do I find a collaborative divorce group to work with?
ANSWER: If you check on the Internet under “Collaborative Divorce,” you’ll be able to see a list of divorce professionals that specialize in collaborative law in your area.

QUESTION: What is a Certified Divorce Financial Analyst
ANSWER: A Certified Divorce Financial Analyst assists with the financial aspects of an equitable divorce settlement. They generally work in conjunction with a Family Law Attorney to assure you of an equitable settlement!

Family Law Issues

QUESTION:What is the difference between a Family Law Specialist and a Mediator?
ANSWER: A Mediator works with couples to come up with an out-of-court settlement. They do not handle litigated matters. If you are unable to mediate an equitable settlement, you will need to find a Family Law Specialist attorney that can handle the litigating end of your dissolution.

QUESTION: What is Collaborative Law?
ANSWER: Collaborative Law uses the team approach. Members of the “team” are two attorneys (one for each person), two mental health coaches and a financial advisor to assist with determining an equitable settlement. All members of the team sign an agreement stating that they will work together to avoid going to court and to arrive at an equitable settlement that is fair for both parties involved.

QUESTION: How does Collaborative Law differ from Mediation or Litigation?
ANSWER: Mediation is when you have one mediator/lawyer working with both of you to arrive at a fair and equitable settlement. Collaborative Divorce is a team approach with everyone working together to arrive at an equitable settlement. Each party has their own attorney and many times, their own coach/therapist. Under Litigation, you are going to court and the judge will make the decisions for you!

QUESTION: What is a typical retainer amount set by attorneys in a divorce proceedings case?
ANSWER: If you are planning to go to court and litigate, it is not uncommon to see a required retainer of $10,000. If it is mediation, many times the retainer fee is usually only between $1,500 and $3,000.

Elaine Kiernan, CDFA®, CFP©, CSA is a Certified Divorce Financial Analyst™, Certified Financial Planner™ and Certified Senior Advisor. She has her own practice, Financial Resource Associates and is located in Santa Cruz, CA. The following are excerpts from her book, “Financial Self Defense for Women”

www.FRAssociates.com