Managing finances can be challenging even in the best of times. Throw in separation and it can be downright scary. The income that was used to support one household will now be stretched over two. There are significant changes that have to be discussed. Most Americans are not fiscally mindful and spend right up (or over) their means. It is important to work with a Financial Family Mediator such as myself to help you and your spouse properly navigate who will pay what, what needs to be cut back, and to do so fairly.
There are many questions that have to be answered that triggers uncomfortable emotions like who gets the house. Perhaps both of you want it but only one of you can afford it. What about the pension plan? What would happen if someone get married- would the new partner have a claim to the asset? What about the debt acquired during the marriage? Many times financial pressures have led to the divorce and it is important that you work with a sound professional to ensure that fear is replaced with facts and quality decisions are made.
Court: The Downside of Having the Judge Make Your Financial Decisions
All of your financial questions can be answered in court but you’ll be paying someone else to make life changing decisions that can have devastating consequences. It is possible that attorneys will pressure you into a settlement just to complete the case before going in front of the judge but leaves you feeling dissatisfied. If you select traditional/ ligated divorce, the closer you get to the trial date the more likely this will happen. Judges may predict dire outcomes at trial and threaten that if you do not agree to the settlement, they will order you to do it. Faced with these bleak threats, your divorce goals get derailed and you can find yourself in a whirlwind.
Having someone else make a heavy decision for your life is generally not as optimal as an agreement you and your spouse works and agrees together about. For example, there are normally tax consequences for the financial settlement. By working together, you will be able to understand and avoid the pitfalls by determining the best way- for everyone- to divide assets. If you cannot agree on whether to sell the house, there are creative ways to problem solve like a buy-out agreement. In most cases, you can work together through mediation and collaboration to create win-win outcomes that can be creative as necessary, and your agreement will be legally acceptable.
The Value of Win-Win Financial Outcomes
Finding a financial solution that works for both you and your spouse takes teamwork. If your emotional and social divorce are going smooth, cooperation is much more likely to occur. If the finances have been a bone of contention in the marriage, it may be a little more difficult to find a resolution. Fear not, the mediation and collaborative process helps you overcome those obstacles by finding win-win outcomes. By understanding what both you and your partner want, we are able to craft unique solutions that satisfy everyone. It is like magic!
If you would like to replace fear with facts, contact email@example.com or call 402.430.3092 to schedule your free consultation today!