How to Protect Your Financial Interests During Mediation

May 10, 2023
By Alternative Divorce Solutions

Getting a divorce doesn’t have to be financially ruinous. You and your ex can save a considerable amount of money by choosing an alternative divorce solution instead of typical divorce litigation. Not only does a mediated divorce cost less than litigation, but it’s also a less confrontational process, making it easier for couples to negotiate the financial aspects of their settlement amicably. In a traditionally litigated divorce, clients pay for their attorney’s time at an hourly rate. Every action taken on behalf of your case means the final total will be quite hefty. Whether your attorney is answering your phone call or filing court documents, you’re on the clock adding to your final bill. Once your case goes to trial, you’re adding thousands of dollars to your legal bill and fees. There are many ways divorce mediation can save you money and protect your financial health – beginning with cost and fees.

Six Ways a Financial Professional Can Help With Your Mediation

Mediation is the ideal alternative divorce solution for couples who know they don’t require litigation or assistance negotiating the terms of their divorce. Each mediation session is assigned a mediator who will guide the process. The mediator cannot provide legal or financial advice to either party. Because mediators are not allowed to share financial advice, hiring a certified divorce financial analyst is a smart choice if you have financial questions requiring assistance. Most people feel they have a comfortable understanding of their household budget and financial health, but questions regarding investments and retirement accounts can easily outpace even the savviest household manager’s understanding. A financial analyst specializing in divorces knows how to help you advocate for your best interests as you seek to finalize your divorce settlement.

A certified financial analyst can help with the following:

  • Gathering and synthesizing information about your finances
  • Reviewing disclosures submitted by your spouse
  • Assisting with the property division process
  • Obtain accurate data for use in child support and alimony calculations.
  • Creating child support and alimony calculations
  • Create financial reports of each settlement offer to provide sage advice

When you bring a certified financial analyst into your mediation, you will have a professional available to advise you, review financial documents, and create child support and alimony requests.

Tips to Obtain a Favorable Financial Outcome

A certified financial analyst can help you make sense of any financial issue that may be confusing or complicated. They can also assist in many of the important filings you will need to complete before finalizing your divorce.

For example, your certified financial analyst can help you reach a positive outcome in your mediation by:

  • Creating an Accurate and Thorough Financial Affidavit: You and your spouse will need to complete financial affidavits, which include assets, debts, and other income and expense information.
  • Completing Accurate Asset Valuations: If you have large and expensive assets, you will need to ensure your property is accurately evaluated and assigned a value. The only way the asset division process can be fair and equitable is if everyone comes to the table with clear, accurate, and concise facts.
  • Providing Financial Advice: Your certified financial analyst can help you see the value in making and receiving nontraditional proposals if you and your spouse may have numerous assets that require creative division. A financial professional can give you the guidance needed to determine which paths make sense and which do not.

Ask About a Financial Solutions From the Team at Alternative Divorce Solutions !

The attorneys at Alternative Divorce Solutions understand how confusing divorce law and the requirements you must meet to finalize your divorce can be if you are unfamiliar with the law, which is why we offer financial solutions designed to help our clients transcend the divorce conversation. Our lawyers, mediators, and other professionals provide the understanding and flexibility couples need when ending a marriage. Call us at 949-368-2121 to schedule a consultation.

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