Most couples going through a separation or divorce would find it challenging to try to categorise and summarise their relationship on a spreadsheet. The cut and dry empirical nature of a spreadsheet doesn’t exactly lend itself to even begin to capture the importance and significance of a marriage.
However, some financial experts and family lawyers are advocating just that with the release of an economic model, the Life Choices Modelling Tool at the 15th National Family Law Conference held in Hobart in October, reports Andrew Starke, Editor at the Professional Planner.
Lawyers worked with a statistic led financial planning firm, ipac, to develop the tool that attempts to guide couples going through a divorce in the complicated process of the division of assets. “We understand that from the lawyers’ perspective, that the delivery of an accurate financial statement is one of the issues creating a financial settlement logjam,” explained Jane Campbell, Law Sector manager at ipac and who was part of the presenting panel. The model is designed to help couples separate fact from emotion in the process and assists in the delivery of an accurate financial statement from the outset.
The model can also help individuals understand the implicit costs of a delayed settlement because assets were kept frozen in a legal account while proceedings were still being finalised.
What do you think about an economic modelling tool for divorce? Do you think it would be useful?
There are no comments yet.