The Business Side of Breakups: Protecting Your Assets Through Divorce Mediation
When getting a divorce, it’s important to remember the financial stakes. You and your spouse likely own a number of valuable assets together and will have to carefully come up with a plan to split them in a way that is fair to both of you. This is especially true if you own real estate together, as divorcing affects who can live in or use landed property. Not only does divorcing force you to make a decision about these things, but the divorce process itself is so expensive that it could significantly sap your assets.
Mediation offers an affordable alternative for couples with significant assets. Instead of taking your disputes to court, you can negotiate an end to them with the help of a private mediator. This saves you money both directly and indirectly, all while making sure you get a settlement that’s fair.
The financial benefits of divorce mediation
Divorce mediation helps you keep as much of your wealth as possible by:
- Lowering costs — When you mediate your divorce, you avoid paying court fees, filing charges, and a host of other expenses that quickly add up. While you will have to have attorneys present, you don’t have to pay them for expensive processes like discovery. So the amount of money that you will have to spend on your divorce is far lower, leaving more for you and more for your spouse.
- Saving time — Time is money, and few things waste more time than a traditional divorce. Mediation is a far quicker process, as you and your spouse will be able to meet with each other on the earliest date that you both find convenient, rather than needing to wait for the court to have an opening. This leaves you more time to spend working, managing your assets, growing a business, or otherwise laying a solid financial foundation for your future.
- Knowing your needs — Mediators take the time to understand your needs and those of your spouse, allowing them to come up with a solution that is better for both of you. For example, perhaps you and your spouse both own your home, but it’s more important for you to keep living in it so you’ll be closer to your job. By understanding that need, your mediator can make sure you keep control of the house while offering your spouse something they find equally valuable. In this way, the mediator achieves the best possible financial solution for you both.
Through mediation, not only can you and your spouse each get a fair piece of the pie, but you also keep that pie as large as possible. To learn more about mediating your divorce, call Solutions Divorce Mediation, Inc. at 1.631.683.8172 or contact our Long Island office online.