A Unified Future for Two: Prioritizing Grandchildren & Retirement Security in the Midst of Separation

After 32 years of marriage, a couple wanted something different for their retirement. Both wanted retirement security for each other and to maintain a cohesive extended family structure for their adult children and grandchildren, but they wanted to separate. They had significant marital assets including a 401(k) and several real estate investments. Because they wanted to maintain the family for their grandchildren’s sake, they chose collaborative law to avoid “the fight” and work together to find solutions that were right for their family.

Each party signed a Participation Agreement which is the cornerstone of Collaborative Law. This agreement legally binds both parties ensuring everyone is “all-in” on reaching a settlement together. If the case moves to a contested divorce, both attorneys must withdraw leaving the parties to hire new legal counsel and starting over.

Other professionals involved were a Financial Neutral who focused on cash flow projections and creating a comprehensive summary of all assets and debts; and a Divorce Coach to help navigate the “identity crisis” of ending a 30+ year partnership.

The hired team focused on securing two futures rather than “splitting the pie.” The wife wanted to keep their home for grandkids to have a “base.” The Financial Neutral helped them each articulate their goals and ran multiple scenarios for them to consider. The Financial Neutral helped the parties understand all tax consequences with each scenario so the parties could fully analyze their options. With clear goals, the Financial Neutral and both parties were able to be creative in coming up with potential solutions that served their family. Both parties left the marriage with confidence in their decisions and a clear cash flow map. They were able to host the holidays together just four months after the divorce was finalized.