Divorce can be a big transition which requires preparation and planning. Downsides to the divorce process can arise when emotions take over. Emotions are understandable during the divorce process but they can lead to costly and time-consuming disputes. Divorce-related financial concerns especially can be subject to poor decision-making when emotions run high and cloud better judgment.
There are different and alternate divorce options to the traditional divorce process that may save cost and time and keep personal details private. Divorce mediation utilizes a divorce mediator that allows couples to discuss issues, including those that may be contested, in a knowledgeable and concise manner that is more conducive to agreement. A number of divorce-related issues and concerns can be resolved utilizing divorce mediation including property division, child custody, child support, alimony, retirement and the tax implications of various divorce-related concerns.
Collaborative divorce is another option that allows the divorcing couple to negotiate a settlement concerning divorce-related issues. The process involves a representative for each of the spouses and also oftentimes includes a variety of experts to help the couple resolve divorce-related issues and disputes in a manner that is best for their family. The process can also help structure how post-divorce related issues will be resolved.
Overall, mediation and collaborative divorce can be potentially wise financial choices for divorcing couples. Whether a couple chooses a tradition divorce, mediation or the collaborative divorce approach, the family law process is designed to help provide guidance and support to divorcing couples during the divorce process.
Source: Forbes, "Avoid The Financial Pitfalls Of Divorce," Michael F. Kay, April 12, 2016