4 Ways Divorce Mediation Can Protect Your Financial Interests In The Long-Term
Posted on: 11 October 2021
Divorce can be challenging both emotionally and financially. The good news is that you can opt for a mediator to protect your financial interests. This means you will settle everything outside the court. You and your spouse will come to an amicable agreement on matters regarding money. Here are four ways divorce mediation can utterly safeguard your monetary interests.
1. Saves money
For starters, you don't have to spend money on court fees when you opt for mediation. Plus, both parties can save tons of money since you don't need a lawyer during the process. A mediator plays a pivotal role in helping spouses reach a mutual agreement. This expert is a neutral person whose aim is to find the ultimate solution regarding your finances.
Although you might need to pay for mediation services, it's cost-effective compared to litigation. In the long run, you can use the money to develop other aspects of your life after a divorce.
2. Transparent asset evaluation
As per the norm, you need to know the value of your assets for fair distribution. If you work with an experienced mediator, they can help you evaluate your wealth. For instance, a home with a large mortgage may be less valuable than your ex's pension. The idea is to divide the assets in an equitable and just manner.
During divorce mediation, you and your partner will disclose all your assets, including:
• Savings
• Retirement accounts
• Investments
• Real estate
• Bank accounts
Bear in mind that you can share information about marital and co-mingled assets with a mediator. Usually, this refers to anything you acquired together during your marriage.
3. Debt management
Besides assets, a mediator can review liabilities, including debts. This type of information is crucial so that you don't end up paying for someone else's dues. You and your spouse might need to list down the following:
• Auto loans
• Mortgages
• Student loans
• Credit cards
4. Analysis of expenses and income
During mediation, you can fill out a worksheet indicating your income and expenses. This way, a facilitator can walk you through how you can settle bills after the divorce. You can also rely on the mediator to review your expenditures and know how to cut down on expenses. You can then allocate the money for crucial things in the future. The process also includes how to pay for alimony, child support, and medical support.
With divorce mediation services, you can save money, know how to spend, and pay debts accordingly. Also, you get fair asset division after the divorce.
Contact a company that provides divorce mediation services for more information.
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