Tag Archive for: collaborative mental health professional

How Tax Loss Harvesting Can Turn Non-Marital Investments Into Marital Assets

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If you’re an investor going through a divorce, you likely have a keen eye on your finances. You may already be familiar with tax loss harvesting, a strategy that can help reduce your tax bill by selling investments at a loss to offset capital gains. While this technique can be a smart financial move, it can also have unintended consequences in divorce—potentially turning what you thought was your separate, non-marital property into a shared marital asset.

What Is Tax Loss Harvesting?*

Tax loss harvesting is a strategy that can be used to lower your tax liability. For example, if you have investments in a taxable brokerage account that have lost value, you can sell them at a loss to offset capital gains from other investments. This reduces your overall taxable income and can lead to significant tax savings.

There are many rules associated with tax loss harvesting.  For example, you cannot sell a mutual fund at a loss and then immediately repurchase that same mutual fund.  However, one strategy that many investors utilize is to sell one investment at a loss and then purchase a similar, but different, investment.  For example, you might sell VTSAX, the Vanguard U.S. total stock market index fund, at a loss and purchase VFIAX, the Vanguard S&P 500 index fund, which is highly correlated with VTSAX.  The White Coat Investor website has a really good explainer on tax loss harvesting.

Many investors use this approach as part of a long-term financial strategy, reinvesting the proceeds into different securities to maintain their investment portfolio. However, if you are going through a divorce, you must be careful about how and when you execute tax loss harvesting.

*Please note that we are not accountants, financial advisors, or tax lawyers, this information is not intended to provide advice, and this is for educational purposes only.

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Collaborative Divorce: Control Your Own Destiny

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When you’re facing the difficult decision to divorce, it’s natural to feel overwhelmed. And when you are used to making high stakes decisions, the feeling of powerlessness is just unacceptable. Decisions about your family, finances, and future carry immense weight. The last thing you want is to surrender control of your destiny to a judge in a public courtroom. That’s why many C-Suite executives, doctors, business owners, high-ranking military officers, and other professionals in Florida choose Collaborative Divorce.

What Is Collaborative Divorce?

Collaborative Divorce is a unique and private approach to family law that puts you and your spouse in charge. Instead of battling it out in court, you work together with a team of professionals to craft agreed upon solutions tailored to your family’s needs. Each of you have your own separate lawyers to provide you with independent legal advice.  The Collaborative Lawyers are there solely for the purpose of reaching an out-of-court agreement, and are prohibited, once the Collaborative Process begins, from being used to fight in court.  Additionally, your Collaborative Team may include a financial expert to navigate tricky financial discussions and a Facilitator (who is a licensed mental health professional) to keep discussion focused on the future rather than the disputes that led to the divorce.

Maintain Control Over Critical Decisions

Unlike traditional litigation, Collaborative Divorce fosters cooperation rather than conflict. You, your spouse, and your lawyers share the same goal: to find resolutions that work for everyone in your family. This approach gives you the power to decide how to divide assets, plan for your children’s future, and address any other issues that arise. Instead of a judge dictating your future, you together with your spouse maintain control over these critical decisions.

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Cordover Appears on Great Practice Great Life Podcast

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Earlier this week, I had the pleasure of being featured on Episode 114 of the podcast Great Practice, Great Life, where I shared insights into my journey as an international thought leader in Collaborative Divorce and my efforts to revolutionize out-of-court dispute resolution through my law firm, where we virtually represent clients throughout the State of Florida and also have offices in Tampa, St. Petersburg, and Sarasota. This conversation gave me the chance to reflect on some of the key moments and principles that have shaped both my professional and personal life.

One of the topics we discussed was the profound impact of Hurricane Helene in 2024, when, like many others, I lost my home from the flood surge. In the aftermath of that challenging time, I found an opportunity to reassess my approach to work and life, leaning into gratitude. The hurricane, like so many challenges we face, served as a catalyst for growth and transformation. My story highlights how adversity can push us to innovate and strengthen our resolve.

 

We also dove into the unique world of Collaborative Divorce, an area of practice I’m deeply passionate about. This process brings together attorneys, mental health professionals, and financial experts to help families resolve disputes amicably, privately, and outside the courtroom. It’s a particularly valuable approach for professionals, doctors, executives, members of the LGBTQ+ community, business owners, politicians, celebrities, professional athletes, and others who place a premium on privacy and self-determination. In the podcast, I emphasized the importance of teamwork and how shifting from a competitive to a collaborative mindset can lead to more fulfilling and effective outcomes for everyone involved.

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Video: Cordover Keynotes Family Law Now Virtual Summit

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Family Diplomacy managing attorney Adam B. Cordover recently gave the keynote address at the Third Annual Family Law Now Virtual Summit. The aim of the Summit is to provide legal professionals and those individuals facing separation, divorce, and other family law matters with vital information, strategies, and tools to support them as they navigate through the process.  The Summit was hosted by veteran Canadian lawyer Russell Alexander and benefitted The Denise House, which provides a safe shelter and supportive programs in Canada for women, with or without children, experiencing gender-based violence.

Examining Models of Collaborative Practice

The topic of the keynote address was “All the Ways to Collaborate: Examining Different Models of Collaborative Practice.”  In the keynote, Cordover urged lawyers to tailor the Collaborative Process to meet the needs of their family law clients.

You can view a video of the keynote, which is about 20 minutes long, below.

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Cordover Joins Sarasota Collaborative Family Law Professionals

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Family Diplomacy managing attorney Adam B. Cordover has joined the Sarasota Collaborative Family Law Professionals (“SCFLP”) practice group.

About the Sarasota Collaborative Family Law Professionals

SCFLP is similar to a local bar association (it is not a law firm), and it is a membership-based organization made up of independent lawyers, psychologist, therapists, accountants, and financial planners who believe that there are better alternatives to court-based divorce.  Specifically, the group educates professionals and the public about Collaborative Divorce and Family Law, and its members help families through the Collaborative Process.

As stated in the Sarasota group’s brochure, “All members of SCFLP have extensive experience in the area of family law. They are committed to the collaborative process and work together to reach a settlement on fair and equitable terms without the financial and emotional cost that often accompanies litigation. All members of SCFLP have extensive experience in the area of family law, and are licensed by their respective designated professional organization. Each completes the training required by the International Academy of Collaborative Professionals (IACP).”

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Divorcing Wealthy in Florida

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What is the best way to end up wealthy after divorce?  It is by being even wealthier before divorce.  The truth is that divorce is not cheap.  But there are things that you can do to help preserve your wealth even if your marriage is ending.

Retain a Neutral Financial Professional

One of the biggest challenges when going through divorce is that one spouse typically knows more about the family finances than the other spouse.  If you are the spouse with the knowledge, this can be frustrating because you feel you are making reasonable proposals that would benefit your spouse, and yet your spouse is outright rejecting them or refuses to make a decision, costing your family even more time and money.  If you are the spouse without knowledge of the family finances, you feel like your spouse is trying to control you by badgering you to agree to their proposal, but how can you even make a decision that could have disastrous consequences for your long term financial future?

This is where a Neutral Financial Professional comes in.

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The Neutral Financial Professional in Collaborative Divorce: Saving Your Family Time and Money

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Are you considering divorce? If so, you’re likely familiar with the emotional strain that comes with it. But amidst the whirlwind of emotions, it’s easy to overlook the importance of your family’s financial future when considering your divorce options. That’s where a Neutral Financial Professional steps in as an invaluable member of a Collaborative Divorce team. Let’s delve into what a Financial Professional does in this process and how they can help your family save money while preserving your financial well-being.

Collaborative Divorce

First and foremost, it’s essential to understand the Collaborative Divorce approach. Unlike traditional litigated divorces, where trial lawyers are retained and there is the constant threat or reality of a court battle, Collaborative Divorce emphasizes transparency, cooperation, and durable resolutions. The Collaborative Team typically comprises of specially-trained lawyers for each spouse, a team leader known as a Neutral Facilitator, and a Neutral Financial Professional. All professionals, once the process starts, can only help with out-of-court dispute resolution, and they are prohibited from being used to fight in court.  The Collaborative Approach fosters open communication, leading to more amicable resolutions and, compared to litigated court battles, significant cost savings.

Role of the Neutral Financial Professional

Now, let’s shine a light on the role of the Neutral Financial Professional on the Collaborative Divorce team. As a Collaborative Lawyer, I often emphasize the pivotal role they play in ensuring fair and sustainable financial outcomes for both spouses. Here’s how they do it:

1. Financial Clarity

Divorce involves complex financial matters, from asset division to spousal support and child support. A Neutral Financial Professional brings clarity to this complexity by helping each of you analyze your financial situation.   This is important, as it is common in divorce for one spouse to be less knowledgeable about the family’s finances than the other spouse.  This disparity in knowledge oftentimes causes one spouse to freeze in the face of making long-term decisions out of fear of making the wrong decision, causes long delays and increased fees for both spouses.

Accordingly, the Financial Professional helps explain your family’s assets, liabilities, income, and expenses to provide a clear picture of your financial standing. This clarity is crucial for making informed decisions during negotiations, preventing surprises down the road.

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Collaborative Jewish Divorce

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In these uncertain times, if you are Jewish and considering divorce, you may wonder where you can safely turn.  I have watched in horror at the chants of “Jews will not replace us” in Charlottesville in 2017, the massacres of Israeli civilians on October 7th, and the more recent intimidation of Jewish students on campuses across the U.S.  I have personally experienced people telling antisemitic jokes to me, apparently not realizing that I was Jewish.   If, with this as a backdrop, you are facing the upheaval of divorce, let us help you and your family through a Collaborative Jewish Divorce.

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Defining “Collaborative Mediation”

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If you do a Google search for “Collaborative Mediation,” you will get all sorts of results, many of which have nothing to do with one another.  Many articles simply point out the differences between Collaborative Divorce and Mediation (one of my blog posts would be included with this group).

Other articles will use the term to be a synonym with Collaborative Divorce, referring to neutral professionals (typically a financial professional and licensed mental health professional) as mediators, even if those professionals have not been trained as mediators.  This seems misleading to me.   Still, other articles use the term to mean a friendly mediation or an interdisciplinary co-mediation where lawyers are optional.  I have concerns about those articles because, despite using the term “collaborative,” what they describe is not a Collaborative Law Process as defined by the Florida Statutes or Uniform Collaborative Law Act/Rules.  Again, this is misleading.

I recently was at the 12th Annual Conference of the Florida Academy of Collaborative Professionals (“FACP”) where I presented on the topic of “Collaborative Mediation: Engaging Mediators in the Collaborative Process.”  My co-presenters were Heather McArthur, co-founder and president of Collaborative Professionals of Central Florida and Florida Supreme Court Certified Family Law Mediator, and Keith Grossman, a Florida Supreme Court Approved Primary Family Mediation Trainer and president of the Southwest Florida Collaborative Professionals Association.

As I have not found a good definition anywhere else, one of my goals in co-presenting on this topic (and writing this article) was to define the term “Collaborative Mediation.”  Additionally, I hoped to shed light on this distinct model of Collaborative Practice, find a way to better engage mediators in the Collaborative Process, and offer an option under certain circumstances that could bring more clients and lawyers into the Collaborative Method.

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Collaborative Divorce: What Does A Facilitator Do?

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In a Collaborative Divorce, the Facilitator plays a crucial role in keeping everyone on task, aiding communication, managing emotions between you and your spouse, and, where applicable, tailoring a parenting plan for your children. A Facilitator is a professional who is licensed under Chapter 490 or 491, Florida Statutes.  Here are some specific tasks they might undertake:

1. Project Management:

Facilitators are the project managers of the Collaborative Process.  Without a clear direction, divorce negotiations can get off track real fast.  The Facilitator keeps you and your lawyers focused on your interests rather than positions, works so that we are making the most efficient use of your time and money during team meetings, and checks in to see whether everyone has completed the tasks assigned to them.

2. Emotional Support:

Facilitators provide emotional support to both you and your spouse throughout the Collaborative Process. Divorce can be a highly stressful and emotional experience, even under the best of circumstances, and having a trained professional to talk to can be invaluable.

3. Communication Facilitation:

They help facilitate communication between the you and your spouse, ensuring that discussions remain productive and respectful. This can include helping each each of you express your needs and concerns effectively and ensuring that you both feel heard and understood.

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