Before getting to the financial aspect, let’s start with the word mediation.
Mediation is a terrific conflict resolution strategy. It uses a neutral third party to facilitate the process of resolving the dispute. Typically, the neutral party provides a structured process that defines the issue(s), breaks the issue(s) into components, and creates a cooperative solution or plan to move forward.
Mediation is a process that attempts to introduce creative solutions towards finding a resolution that best meet the needs of all parties.
Like the old saying “You can lead a horse to water, but you can’t make them drink,” mediation is a voluntary process – even when compelled by the courts. It is not a process where a third party makes decisions for you.
Mediation focuses on the underlying circumstances and solving the issue. It is not a process for defining fault, or focusing on who is right or wrong.
The Divorce Mediation process works best when it includes consultations with relevant experts, such as real estate appraisers or business valuators. Divorce Mediation does not include the legal aspects of your divorce; for that, mediators suggest consultation with an attorney.
Financial mediation follows a structured process to define and address financial issues. In the divorce process, it is a means to work together on identifying and agreeing on budgets; assets; division of expenses; property divisions including the house, the business, retirement funds, support; and more.
Non-attorney financial mediation is not a process for developing parenting plans, or filing paperwork in the courts.
Financial mediation is not a source of legal or tax advice.
It is a wonderful option to consider for keeping costs down and preserving relationships.