A Collaborative Financial Neutral is the financial guide and leader in a traditional collaborative case. As a Certified Divorce Financial Analyst, Kimberly Miller can be engaged as a financial neutral to support the parties and find resolutions on all financial matters. Specifically, financial neutrals gather the necessary materials, establish a baseline for analysis, compile reasonable budgets, and run financial scenarios. Financial neutrals often work with the couple alone to start, without attorneys. This cuts down on costs but also confirms that both parties are equally involved in the financial decisions needed for the divorce. Kimberly can then provide the attorneys with a set of all financial materials so there is no duplication of efforts.
After compiling a balance sheet of everything the parties have, the Kimberly and parties can identify non-marital assets, work through the assets and liabilities together with the financial neutral trying to create a balance sheet for further analysis with attorneys or decide on a mutually acceptable, equitable division.
Kimberly also leads a forward-looking analysis of budgets and needed cash flow, including child support and spousal maintenance. After verifying income or establishing potential for income for non-working or under-employed parties, Kimberly can run scenarios to look at total income coming in and how to best allocate the resources moving forward to try and meet everyone’s needs. Kimberly will also help consider the tax implications of these decisions as well as consider the benefits of claiming head of household status for income taxes.
Once the financial information is gathered and scenarios have been run, the parties and Kimberly can partake in 5-way, joint meetings with attorneys to consider the legal implications of decisions and how to best move forward. The work that Kimberly, as the financial neutral, completes is the foundation for generating options, deciding on resolutions and drafting the final financial agreement.
Kimberly, as a financial neutral, acts as an expert for both spouses as well as a mediator and guide through the important financial decisions of divorce. Contact KM Family Law today to discuss the financial neutral role and the many ways Kimberly can help support the collaborative process.