If you are going through a divorce, you probably want to do everything that you can to protect your finances and avoid coming out of the process far worse off than you were going in. Many couples who are looking for fair financial agreements have been trying an alternative to litigation. The mediation process can seem fairer and make it easier to agree on financial matters. Our Bergen County, NJ property division attorneys can help you explore this option.
How Are Your Finances Handled in the Mediation Process?
When you opt for mediation, you and your spouse sit down with a neutral third party and begin to work things out. The mediation process can help you with all types of financial matters, including:
- How marital properties can be divided
- What happens to shared debts
- Whether or not alimony will need to be paid
- Who will be paid child support and how much
- How family businesses can be handled
- What kinds of tax burdens each spouse could face as a result of other financial negotiations
The goal of your mediator is to guide you and your spouse to agreements that work well for both of you. There are still going to be tradeoffs, but this process often feels less stressful and demanding than litigation. This can make it easier to negotiate, even on the tough stuff.
Could the Mediation Process Be Better For Your Finances Than Litigation?
The mediation process could be better for you because it could allow you to reach agreements that are more favorable for both parties involved. You can also save money because mediation is less expensive than going through litigation in most cases.
The mediator can also prevent you from making rash decisions. Sometimes these types of negotiations get heated, and people just abandon assets because they are sick of dealing with the process. The mediator will help you stay on track and put emotions to the side so that you do not end up making poor decisions that affect your finances later.
Are There Other Reasons to Consider Mediation?
Another advantage of mediation is that you and your spouse have the final say. If you go to court and the judge makes decisions that you do not agree with, that’s just too bad. In the mediation process, you can keep working together to figure out arrangements that work for everyone. You have more control and more chances to protect yourself and your finances.
Talk to a Family Attorney Today
If you want to learn more about the mediation process and other methods for negotiation in divorce, contact Townsend, Tomaio & Newmark. We can schedule a consultation and tell you more about which solutions might work best for you.
