Participating in mediation for financial matters in divorce can be a constructive, non-contentious means of coming to agreement on financial issues in your divorce process.
Like other mediations, a financial mediator serves as a neutral facilitator rather than as an advocate and advisor representing one party in the divorce. The facilitator provides a structured process to guide the clients toward mutually agreeable decisions. Alternative dispute resolution methods such as mediation are more likely to result workable decisions that are more likely to be kept and more likely to support a doable relationship going forward.
A financial mediator brings financial knowledge, insight, and understanding to the table to guide clients through current challenges and helps to foresee potential issues in the future. A Certified Divorce Financial Analyst and Certified Financial Planner brings specialized knowledge to works with clients
- to identify
- characterize and value assets
- developing budgets and projections to address financial needs post-divorce
- To look at long term implications of settlement decisions,
Financial mediation begins with a discussion to identify needs, wants, wishes and concerns as they relate to:
- The mediation process
- The children
- Each of the clients for themselves
- One another
- Anything else that applies
From this point the clients and mediator identify the items requiring decisions and decide on actions to move forward. The decision oriented discussions that follow focus on information from the identified interests and agreed upon information to identify possible options and solutions.
Typical challenges that may be addressed in financial mediation
- What to do with the house
- Support needs analysis
- Dividing children’s expenses including college
- Dividing assets across asset classes including
- Retirement funds
- Cash and Investment assets