Just decades ago, almost all divorces involved litigation, which can be highly stressful because both spouses must endure an often lengthy courtroom battle. Nowadays, more and more divorcing couples are turning to mediation to ensure the process is thorough yet mindful of both spouses’ emotions. This is because a divorce mediator can help both spouses come to a reasonable agreement that fits both their needs without fighting each other in the process. However, some divorcing couples might wonder about the financial side of divorce and whether mediation can be beneficial for their finances. No need to worry because our knowledgeable law firm has all the answers you’ll need! Continue reading this blog to learn more or contact a York County, PA Divorce Mediation Attorney today for individualized legal counseling.
CAN DIVORCE MEDIATION BENEFIT MY FINANCES?
In most cases, divorce mediation could be highly beneficial in protecting your assets. This is mainly because hiring a divorce mediator automatically puts you and your spouse in control of your assets, since you’ll both have the final say on settlement agreements. In other words, a judge won’t be making the decisions for you. A mediator could also lead both spouses to better financial decisions, especially by ensuring the least stressful conclusion possible. Litigation sometimes leads to unfair settlements. Meanwhile, mediation agreements are often fair and equitable, so both spouses are happy.
WHAT DO I NEED TO TO CONSIDER?
A skilled mediator will know about all the considerations that need to be made when making smart financial decisions throughout the divorce process. The most common things you’ll need to keep in mind include:
- How assets, property, and debts will be divided between both spouses
- How shared retirement plans will be handled
- Whether spousal support is needed and if so, how much the payments will be and which spouse will receive/pay
- Who will have primary custody of any children
- The visitation schedule of the non-custodial spouse
- Whether child support is needed and if so, how much the payments will be and which spouse will receive/pay
- How taxes will affect all financial decisions
IS MEDIATION THE BEST OPTION FOR ME?
While there could be some potential downsides to mediation, many legal experts and divorcees agree that hiring a mediator can be highly beneficial for spouses during the divorce process. This is because mediators are both knowledgeable about divorce law and skilled in effectively handling emotional situations. They will know about the common mistakes to avoid and the best ways to handle the financial side of things.
If you’re considering divorce in Pennsylvania, you deserve a dedicated and trustworthy lawyer who can guide you through this difficult process. Thankfully, our highly experienced legal team is with you every step of the way! Contact Ilkhanoff & Silverstein today for an initial consultation.