Although divorce may be a highly emotional process, at its core, it is largely a financial transaction. When parties are working through divorce planning in New York, they may wish to seek the assistance of other professionals that can assist them and provide objective advice. One such expert who may be brought in during divorce planning in New York is a financial neutral.
A financial neutral is someone who specifically provides information about how different arrangements will potentially affect a person’s finances. He or she provides guidance when someone is grappling with financial concerns. If a financial neutral is brought in during mediation or the parties agree to use him or her during negotiations, the neutral will help both sides determine how best to transition from one household to two while maintaining the highest degree of financial stability for both parents.
The financial neutral may be hired by both parties together so that they both know that he or she represents their interests equally. Through this method, couples can make informed decisions regarding cash flow, the payment of debt and how to handle assets.
The financial neutral can help the parties develop a better budget that shows the existing flow of funds and takes into consideration potential expenses. He or she educates the couple throughout the process. This can be critical when one party has taken on a bigger role related to finances during the marriage. He or she can also provide information about how different decisions and transactions affect a person’s taxes.