The Collaborative Law Process and the CDLP

Collaborative Law process is a settlement process that focuses on helping families resolve complex disputes, often with the aid of specialists. The collaborative law process focuses on creating a safe environment for the parties to express, negotiate and resolve conflict without going to court.

One of the first tasks in the Collaborative process is to gather information to assist not only the divorcing couple but the divorce professionals in developing a creative and appropriate settlement. The information gathering phase requires that each spouse share with the other spouse his/her understanding of the marital assets and debts, separate property assets and debts, incomes, and potential opportunities and/or liabilities. 

When real estate and mortgage financing are present, it is always beneficial to have a CDLP (Certified Divorce Lending Professional) involved to provide clarity and options whether one spouse is retaining the marital home or the marital home is to be sold and one or both parties wish to obtain mortgage financing again in the future.

How long is the process?

A collaborative divorce can take 8 to 14 months to complete. The speed of the process is determined not only by how quickly all issues can be resolved, but, since there are a number of other people involved, also by the ability to coordinate the calendars of each party and their attorney, the financial professional(s), the child specialist(s), therapist(s), conflict coach, etc.

When support income, whether maintenance and/or child support, is involved and needed for obtaining mortgage financing, a CDLP can provide direction with temporary orders to help meet underwriting guidelines as well as potentially reducing the waiting period for using support income as qualified income.

Certified Divorce Lending Professionals are trained to work as financial neutrals in a divorce situation. Their goal is to look at all options and remove as many hurdles as possible for both spouses who wish to obtain mortgage financing. The verbiage, or lack thereof, contained in the divorce settlement agreement can be an obstacle for either party going forward once the divorce is final. A CDLP’s goal is to help recognize these obstacles and set each party up for success.

Always work with a Certified Divorce Lending Professional (CDLP) when going through a divorce and real estate or mortgage financing is present.

This is for informational purposes only and not for the purpose of providing legal or tax advice. You should contact an attorney or tax professional to obtain legal and tax advice. Interest rates and fees are estimates provided for informational purposes only and are subject to market changes. This is not a commitment to lend. Rates change daily – call for current quotations.

Copyright 2019 Divorce Lending Association. No portion of this post may be reproduced without the written consent of the Divorce Lending Association.

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