The division of property is a challenging factor whenever a married or unmarried couple is considering divorce or separation. Without the involvement of an expert or mediator, this issue might escalate to unimaginable levels that may lead to prolonged court appearances. Such an occurrence is emotionally overwhelming, costly and time consuming for the parties involved. Just Divorce Mediation has seen the need to help people who are going through divorce to overcome their financial difficulties by providing financial mediation services.
The Mediation Process
The initial step in financial mediation is called financial disclosure. The process involves identifying all the assets, mortgages, investments, and all insurance policies. Nothing is to be left out even if it’s pension, income or liabilities. The collection of financial information is a vital process because it forms the basis for conducting mediation. When we have all this information, we are able to do our assessment before we can begin the discussions. The good thing about the mediation process is that everybody is entitled to their opinion, and the mediator is a neutral party that is there to bring the two parties to a consensus. Mediation can take from two to four days; the time taken to make a decision highly depends on the ease or complexity of the situation.
Questions and Clarifications
As the mediator, we offer all the details to our clients involving what rights or limitations each of the party is entitled to. This advice is offered after listening to both sides and making an assessment. The mediator plays an important role in filling any information gap. The good thing about financial mediation is that you get a chance to ask questions, make suggestions, and come to an agreement with the other party no matter how difficult the situation is.
Mediation Eliminates One-on-one Arguments
For people who are going through divorce, almost every discussion ends up becoming an argument. These arguments are very unhealthy, especially if the couple has children who have to come into terms with the situation. Mediation provides a good ground to discuss financial issues without having to involve personal feelings. Once the two parties agree on the finances and property management, it becomes easier to complete the court process in the end.
Things That Will Be Discussed During Mediation
Besides the separation of property, people learn how to handle their finances going forward. Other things that will be discussed include:
- The right ways to manage individual budgets
- Whether there will be the need for spousal support in future
- How to settle current debts
- How to share assets that are jointly owned but inseparable such as businesses
- Child support terms for couples with kids
- How to go about the family home
No Winners or Losers
One thing that financial mediation tries to do is maintain a level ground for both parties. We as the mediators are not part of the decision, but our main agenda is to help you come to an agreement. The best thing about the mediation process is that any of the parties involved can opt out if they find the mediation process not appealing, though this is a rare occurrence.
Everything discussed during financial mediation is confidential; it can only be shared to a third party if the two parties wish to do so. You can be assured that everything discussed in private is never known by anyone else.