This month, we welcome back Rebecca Gill of Dunlap Gill Wealth Management to discuss dividing assets during a divorce.
We work closely with Rebecca and her team on a Collaborative Practice Model. This process relies on mediation and negotiation to reach a divorce agreement. The collaborative approach is a great way to save time and money, while both parties seek to resolve the process without the intrusion of court-room litigation and judges. Most mediators and attorneys trained in Collaborative Practice describe it as a "problem solving" approach. A traditional litigation model is better described as a "fight and win" process.
The Collaborative Practice Model is a good fit if the parties would like to resolve the divorce amicably. The model is not a good fit if there are concerns about dishonest behavior.
At Carmel Family Law, we work with Dunlap Gill on many cases in and around Indianapolis, Indiana. Dunlap Gill serves as a neutral partner in the process. They help to create a clear picture of the assets to be divided.
The first step in the process is to collect all relevant information. Generally, this process begins with the tax returns but will include a detailed list of all assets. The first phase of the process is complete once Dunlap Gill has created a comprehensive financial statement that encompasses all of the household assets. This statement includes projections about how assets will change into the future for items like real-estate, 401Ks, pensions, etc.
Next, Dunlap Gill works with both parties to review the division plan. The goal is to create a division of assets that is a "win-win" for both parties. Dunlap Gill helps the spouses build short-term and long-term household budgets. Developing a clear household budget is essential because spouses must have reasonable expectations about the post-decree lifestyles.
With the financial statements and household budgets in place, Dunlap Gill offers advice on division scenarios. Understanding the tax implications of the division is an essential step in the process.
In the end, having the services of Dunlap Gill, or a different financial adviser is extremely helpful in a collaborative process. They serve as an independent expert to advise both parties on the short and long-term implications of the division.