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How could mediation improve your financial future?

On Behalf of | Aug 29, 2020 | Divorce Mediation

Mediation offers a number of possible benefits to couples seeking a way to complete a divorce without the acrimony and stress of a court setting. One of the most attractive qualities of mediation is that couples may end their marriage with more money in their wallets. Mediation may even help you save money in ways you did not expect. 

Since mediation encourages spouses not to fight but to cooperate, the process may do a lot to tamp down on costly legal fights that can drag out a divorce. U.S. News and World Report explains some other ways in which mediation may help your financial future. 

Reducing legal expenses

If you choose mediation, you should still retain the services of an attorney. However, you are unlikely to spend as much on lawyer fees by going through mediation as you would in a divorce trial. Mediation generally takes less time to complete than going to court. As a result, you will not have an attorney on the clock for as long a period of time. 

Figuring out your finances

The pressure of a divorce trial can stress out spouses to the point where they do what they can to get it over with. Sometimes they will agree to a lower spousal support settlement just to speed things up. But doing this means you will lose out on some alimony, which may hurt you post-divorce. 

If you go to mediation, you will need to understand your finances better so you can work out a final settlement. You will probably want to forecast your future income and expenses so you can come up with a post-divorce budget. Working out your finances in a low stress environment may give you a minimal amount in spousal support to negotiate for so you wind up with more money once you have completed mediation. 

Spending your money wisely

Just learning more about your own finances may be of great benefit. By not rushing through a stressful divorce and taking the time to forecast your expenses, you should have a better idea of what priorities to spend money on, like your house or car bills. And by learning what assets you do have, you may have an idea of what you can put away for the future once your divorce is complete.