Divorce is a difficult process in many ways, so it’s common for divorcing spouses to worry about the legal proceedings, especially the financial side of the process. A person’s entire financial status can change by the time a divorce is finalized. There are some common misconceptions that mediation doesn’t work for complicated divorce financial situations, but this is far from the truth. Are you considering mediation but wondering how the process will impact your finances? No need to worry because our knowledgeable law firm has all the answers you’ll need! To learn more, continue reading this blog or reach out to one of our Mediation Attorneys in Bohemia, NY for individualized legal counseling today.

HOW CAN MEDIATION PROTECT MY FINANCES DURING THE DIVORCE PROCESS?

Yes, many legal professionals and divorcees agree that mediation can be beneficial to protecting your finances throughout the divorce process. While litigation often includes lengthy and stressful courtroom battles, mediation allows both spouses to openly discuss the settlement agreement themselves in the presence of a mediator. The great thing about mediators is that they’re specifically trained in both extensive knowledge of divorce law and the ability to effectively handle emotional situations. In each mediation session, the mediator is mainly there to remind spouses of what considerations they’ll need to keep in mind. They are also helpful for dissolving tense arguments and answering questions to guide the spouses toward a reasonable agreement. The different ways that mediation can protect your finances include:

  • You’ll most likely make better decisions because you’ll be under less stress. Mediation tends to make the legal process much easier for divorcing spouses, so you can feel more confident in your decision-making.
  • You and your spouse will be control over your assets. You won’t need to worry about leaving settlement decisions in the hands of a judge. The mediator can guide you both to compromise to an agreement that matches your most important needs.
  • The settlement will be fair and equitable. Because the mediator is hired to ensure the final agreement is in the best interests of both spouses, you don’t have to worry about a biased judge making a final decision for you.

WHAT DO I NEED TO CONSIDER?

There are many different things you’ll need to keep in mind when sorting your finances during a divorce. The most common considerations include:

  • Division of marital assets, property, and debts
  • Division of joint accounts
  • Alimony payments
  • Child support payments
  • Shared retirement plan funds
  • Family businesses
  • Taxes, especially property taxes

If you’re considering filing for divorce in New York, you deserve a dedicated and trustworthy divorce attorney who can guide you through this difficult process. Thankfully, the Law Offices of Susan A. Kassel are on your side! Contact our highly experienced team today for an initial consultation.