Those of you who have been through a separation or divorce will know that, more often than not, it leaves not just a hole in your heart but also a large one in your bank account. So, if it’s time to talk divorce then it’s also time to talk money.

Navigating divorce in a way that leaves you feeling confident, empowered, independent and financially secure is not an easy feat.

We’re sure you’ve heard the age old saying that money is the root of all evil. In the case of divorce, it’s easy to believe this, when money often has a bigger significance than its face value. It represents power, security, control; it can become a weapon to defeat the other. This has become common in divorce wherever the approach is adversarial, and when “the law” focuses merely on slicing the pie.

The current family law system doesn’t seem to be the right system for families to work out how they’re going to share their wealth. It has little place for reasonable discussions or to get to the heart of the conflict about sharing assets and income. Imagine if the family law system had a formal role for financial planners and money education?

As it is, we need space for collaborative negotiations which are conducive to exploring options in a peaceful way, outside of the courtroom. Financial Planners are needed to ensure the couple can see the entire financial picture.

These collaborative spaces and processes work for those who are used to having control …. the benefit of collaboration is that there are people on the team, particularly psychologists, who really understand what’s going to drive people away from a settlement.

Multidisciplinary teams can help identify and address the underlying emotional triggers and power dynamics that often complicate divorce negotiations. They can create a more balanced and understanding environment where both parties feel heard and respected. This not only assists with a fair division of assets but also promotes healthier post-divorce relationships, especially when children are involved.

The financial advisors within these teams can provide guidance on asset management, tax implications, and future financial planning. This ensures that both parties leave the process with a clear understanding of their financial situation and the tools needed to build a stable future.