TITLE

Divorce, Your Clients, and a New Limited Partnership

AUTHOR(S)
Gallo, Eileen
PUB. DATE
August 2005
SOURCE
Journal of Financial Planning;Aug2005, Vol. 18 Issue 9, p26
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article discusses the significance of the concept of collaborative divorce to the financial planner in the U.S. In collaborative divorce, the lawyers and their clients agreed in writing that if the divorce wound up in court, the lawyers would withdraw and the clients would have to find new representation. Financial professionals involved in this process play an important role in decreasing the disorder and unpredictability by helping their clients attain clarity in defining the financial goals and financial obligations arising from divorce or separation. Structured correctly, an allowance not only teaches budgeting skills but also reflective thinking, which is the ability to think in terms of choices, alternatives, and consequences. Minor children should receive a consistent allowance. Parents often have joint custody and the children alternate living with each parent for a week or a month at a time. Both parents should agree on the amount of the allowance. Estate planning for the separated or divorced family is a sensitive but vitally important subject. Divorced or separated parents should be encouraged to jointly plan for their children, especially if they are minors. Among the issues that should be addressed are the identity of the guardians and trustees, and the terms of any trusts for the children.
ACCESSION #
17857440

 

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