Do you need to sort out finances before Divorce is completed?
Your Solicitor has suggested mediation?
Financial mediation is the best method to reach an agreement with your ex-partner and the divorce settlement.
Advantages of Mediation
Divorce and separation are time-consuming and can change for a family. Division to property plans for children and financial agreements need to work out. The mediation process is designed to help find a resolution for legal issues taking away anger, frustration, and bitterness from both parties. This process helps to promote communication and cooperation providing families control over the results that may affect their lives. Conventional divorce is time-consuming and lengthy. Emotional and financial costs are high while mediation is more efficient and less expensive as compared to litigation
Tax considerations for the future are one of the most neglected tasks in a divorce. Figuring out how to deal with taxes after the divorce can be very stressful. Including guidelines for taxes in the separation agreement is often neglected by many couples and this always hunts them back. In the process of divorce, this can be easily overlooked, and this is a significant part of separation. Filing for taxes after divorce is not easy and can be complicated. All must consult with a tax advisor if they’re getting separated or divorced so they can have a full understanding of their opportunities and liabilities for tax breaks.
Financial Consent Orders
Mediation is simpler that litigation. The most obvious benefit of mediation and working together with your ex-partner arriving at a mutual separation agreement which you can finalize your separation and divorce. Your separation may be finalized after the mediation has stared. You and your ex-partner can work out the details of the divorce during this process. Finalizing the divorce, if all agree to the terms, is just a few forms to sign out with the court. An experience mediation can help, you to prepare all necessary divorce documents and this is a less expensive option than hiring a divorce attorney.
What is Mediation?
Unlike a court judge who can decide for you, a mediator can help both parties to decide whether to settle on agreeable terms.
A mediator is considered as a catalyst to help you identify issues and explore individual needs and to clarify issues.
- Divorce Mediation – is a process of resolving issues of a divorce with no adverse effects to children. This process enables you to find for opportunities to negotiate for settlements rather than a settlement imposed by a judge because of a court trial.
- A successful mediation can be achieved only if both parties compromise no one will lose or win.
- The mediation process is mutual and should arrive at settlements acceptable to you and your ex-partner.
How Long Can Mediation Take?
Mediation process may take time or can be done in shorter period depending on the cooperation of both parties.
Before the start of mediation, each party must complete an intake form. An intake form sets for the debts and assets of the parties.
This also determines what each party prefer as part of the process. Each party must fill out their own intake form.
The length of the mediation process is misunderstood by many. This case consists of two things-the marital status and the substantive issues including debt, property, child support, and custody, spousal support and valuation of assets.
The length of the mediation process in terms of substantive issues can be resolved in weeks or days depending on both parties.
Collaborative Law vs. Mediation
It is hard to determine the potential conflicts that you may face in terms of tax during a divorce.
You will need to consider to negotiate agreements whether to file separately or jointly, who will claim any child and dependent care credits as well as who will claim any child tax credits.
Also, you must consider who will get to deduct PMI premiums or mortgage insurance, approved medical expenses for children, and who will get higher education deductions or credits for children.
When separation or family disputes arise, there is no single way to resolve issues including collaborative law and mediation. Both options provide alternative solutions for going to court hearing or trial, but they are not the same.
Collaborative Divorce – This is a type of mediation that is focused on resolving issues that may be related to the revocation of marriage wherein both parties are represented by a divorce attorney. This incorporates legal, financial, and emotional elements cooperatively that benefit both parties. Clients and attorneys will need to find a participation agreement wherein both parties are not able to reach to an agreement or settlement lawyers will have to withdraw from the case and will assist clients to transition to trial attorneys.
Child Support Orders
One of the custody of children has been established; child support matters can be addressed.
This may seem straightforward on the surface, but there are so many nuances that may be born on the cost of support that you were ordered or seeking.
Child support after divorce can be determined using a statutory formula among many things based on the number of children to be supported, the income of both parents, and the length of time spent by parents with their children.
Rule of a thumb, the longer the parent spends time with his/her children, the less he/she will need to pay for child support.
Always look at the bigger picture and keep in mind that child support after divorce involves complex issues such as determining of the true income of the parent to the other parent.
A mediator can help you to ascertain the correct amount of child support you will have to give to your child.