Chartered Business Valuators (CBVs) are often called upon to assist lawyers and their clients with the financial aspects of family law. Often CBVs will be asked to value matrimonial property, calculate income available for support or to assist counsel with the preparation of financial statements.
Over the course of the past year I have met family lawyers who practice in an area known as Collaborative Law. Collaborative Law is a legal process enabling couples, who have decided to separate or end their marriage, to work with their lawyers and other professionals to control the process and avoid the uncertain outcomes associated with going to court. Under the Collaborative process participants sign an agreement that binds them to the process and disqualifies their respective lawyers right to represent either one of them in any future family related litigation.
The Collaborative process can be more cost effective for parties involved as often the duplication of specialist professional services are avoided. The benefits of the process have led to the use of Collaborative Law in the resolution of disputes outside the context of family law (civil matters).
After researching Collaborative Law and having discussions with practitioners I have taken the training and have registered as a Collaborative Financial Professional. While the process will not work in all circumstances it is a dispute resolution mechanism that should be considered. Many of the Legal Professionals I have spoke to have made a commitment to devote 100% of their practice to this area given their experiences with the traditional adversarial legal framework.
Daryn S. Hobal, CBV, CFP, CFE, AACI
We are planning to release information shortly that we hope will be food for thought...