Before a prospective party signs a collaborative law participation agreement, a prospective collaborative lawyer shall:
(1) Assess with the prospective party factors the lawyer reasonably believes relate to whether a collaborative law process is appropriate for the prospective party’s matter;
(2) Provide the prospective party with information that the lawyer reasonably believes is sufficient for the party to make an informed decision about the material benefits and risks of a collaborative law process as compared to the material benefits and risks of other reasonably available alternatives for resolving the proposed collaborative matter, such as litigation, mediation, arbitration, or expert evaluation; and (3) Advise the prospective party that:
(a) After signing an agreement, if a party initiates a proceeding or seeks court intervention in a pending proceeding related to the collaborative matter, the collaborative law process terminates;
(b) Participation in a collaborative law process is voluntary and any party has the right to unilaterally terminate a collaborative law process with or without cause; and (c) The collaborative lawyer and any lawyer in a law firm with which the collaborative lawyer is associated may not appear before a court to represent a party in a proceeding related to the collaborative matter, except as authorized by KRS 403.650(3), 403.652(2), or 403.654(2).