Divorce is not only a legal process, but also a life-changing financial event. There are three forums for divorce: mediation, collaboration, and traditional litigation. Alternative dispute resolution (ADR) methods like mediation and collaboration offer confidential and discreet ways to resolve issues without traditional litigation. A divorce financial planner can help navigate the process and provide expert advice on financial and tax decisions. Lili Vasileff, President of Wealth Protection Management, joins this segment to discuss the various forums of divorce, compare forms of alternative dispute resolution, and explore top trends.
Learning Objectives
• Describe the separate forums for divorce: mediation, collaboration, and traditional litigation
• Identify the two unique forms of alternative dispute resolution and how they compare to traditional litigation
• Recall the six phases related to financial tasks that are called upon during the divorce process
• Distinguish the benefits of having a financial expert involved in alternative dispute resolution
Major Topics
• financial analysis
• IRS compliance guidelines
• GAAP compliance
• financial reporting
• federal tax updates
• tax planning strategies
