Financial Information
Financial family mediation is a collaborative process in which both partners engage in open and honest communication with the neutral third-party mediator.
The aim of mediation is to painlessly move separating couples and their children through the difficult and extremely fraught process of dividing up their finances in a way that benefits all parties.
Family mediation can:
- Help couples come to a mutually beneficial financial agreement
- Meet shared goals of both spouses
- Provide the best support for children and partners
- Ensure a fair division of assets
Why Choose Financial Mediation?
Family mediation for financial purposes can be a more fair alternative to litigation and family court.
A lawyer in family court will typically focus on ‘winning’ rather than working for the solution that benefits both partners and their children. A mediator understands that even in the midst of a divorce both parents will have shared goals for their children’s happiness and security.
Benefits of financial mediation include:
- Cost-effective
- More civil
- Better outcomes for the health and wellbeing of children
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Meeting with mediator
Meeting with a mediator to decide the division of assets and the apportioning of spousal and child support can assist with building a financial plan that makes the most sense for all parties involved.
Winning
In a mediation setting, divorce and separation are not about ‘winning’. Separate Simply aims to help our clients plan for a future as agreeable, amicable co-parents beyond the end of their marriage.
Litigation
If you hope to separate while maintaining good relations with your former partner and protecting your children’s futures, consider meeting with Separate Simply to work through your options for financial separation before you resort to litigation.
Financial Information
Is Mediation Better for Children?
Separation cases that involve children can be the most difficult and emotionally fraught.
The most important thing for all parties, though, should be that the children will be cared for and supported no matter the outcome. When children are involved, the focus of a mediator or arbitrator is solely on the best interest of the children.
Financial mediation can:
- Help decide long-term financial goals for children (e.g., education funds, savings, trusts)
- Arrange child support agreements
- Make decisions about financial support for activities, vacations, and allowances
As with other kinds of family arbitration and alternative dispute resolution, the arbitrator or mediator in cases of financial planning are required to consider the best interest of the children above anything else.
How Does it Work?
Mediation is:
- Non-combative
- Collaborative
- Allows both parties to work towards the most agreeable solution possible
- Aims to reconcile the finances of both parties
- Provides a space for difficult financial conversations to take place
What Do I Need to Share?
A mediator needs to have as much information on the financial situation of both parties as is deemed necessary in order to have a clear picture of the requirements of all involved.
These details might include:
- Assets
- Income
- Shares
- Future assets (e.g., inheritance)
- Shared expenses
Who Can Benefit?
A mediator will work with couples who truly want to find a situation that works best for both of them, and as such, there is a higher likelihood of a mutually beneficial outcome from family mediation than there is in court.
In meditation, arbitration, and other forms of alternative dispute resolution, each party puts forward their own best-case scenario and collaborates on working towards a shared financial plan for spousal and/or child support, and the division of assets.
If this sounds like a process that could work for you, reach out to Separate Simply today to learn more about how we can help guide you through your separation, divorce, or custody dispute.
