Do It Yourself Divorce – What gets lost
There are so many reasons that couples want to complete a divorce process on their own, without professional help. First, they want to save cost. Second, they often believe it will take less time. Third, they may be anxious about involving lawyers – for all kinds of good reasons. Certainly, the state court system in Minnesota has worked hard to develop its on-line forms, and makes them available through their mncourts.gov website. Some critical things can get lost in DIY Divorce, however. Here are a few of them: Financial planning, down to the dollar. The CDFAs (Certified Divorce Financial Analysts) who work in Collaborative Practice as neutrals (like mediators, working with both marriage partners) concentrate on developing a financial plan which will be stable and sustainable for the family over time. There are 3 pieces to this: 1) maximizing after-tax income from deductions, credits and use of Head of Household status; 2) looking at patterns of historical spending by the family, to see if budgets will be short and if so, by how much; and 3) working from the balance sheet to see what can be liquidated with minimal tax impact to pay off debt, car loans, or to... Read More