• 05
  • May
    2010

Today, a growing majority of divorces are resolved through settlement, either via direct negotiations between the parties or through alternative dispute resolution methods such as divorce mediation and collaborative divorce. Regardless of the settlement method chosen, the parties must make vital decisions about the division of marital assets and debt, spousal and child support, and child custody and parenting arrangements.

Decisions about these critical issues are often extremely emotional and complex. In cases where the divorcing spouses disagree, it is often helpful or even necessary to obtain the advice of outside experts in the fields of finance, accounting, taxation, property appraisal, and child welfare.

In a collaborative law divorce, each party has an attorney, and the parties may agree to bring in a team of experts to assist in the evaluation and resolution of property division, support and child custody. A financial adviser and a child specialist are common choices. Because of the structure of collaborative law, these experts must be and remain neutral and are barred from representing either party during the proceedings or after the divorce is final.

In divorce mediation, the idea is for the parties to work with a neutral third party who can help them negotiate effectively. The parties may have attorneys and may bring in outside experts to provide information. The ultimate resolution of all issues in divorce mediation is up to the parties, so there is not necessarily any requirement that the experts be neutral.

Choosing an Outside Expert for a Divorce Issue

The skills involved in divorce-related work are somewhat different from those a professional may use in day-to-day practice. For example, financial planners spend most of their time working with people who are making long-term decisions that will affect their future as a couple. A financial adviser who assists in the divorce process of dividing assets quite different.

Financial advisers who serve as experts in divorce often invest in additional training, as well as specialized software that allows them to enter variables and quickly show the parties what the outcome will be if they make different choices. "It's very illuminating for each side to see what the other will face financially," Laura Hyman, an adviser with RBC Wealth Management, said in an interview with Reuters.

How Experts Are Paid

Child custody experts and other experts who have no expectation of future business are typically paid hourly for the time they spend evaluating the case, and they may charge a higher rate for time spent in depositions, collaborative law proceedings, or mediations. In the case of mediated divorce, financial advisers may provide the service in the hope of earning clients, either one of the parties or through referrals from attorneys and other experts working on the case.

Related Resource:

"Growing need for advisers in out-of-court divorces" (Reuters, April 5, 2010)