What are the financial benefits of mediating your divorce?

What are the financial benefits of mediating your divorce?

On Behalf of | Apr 28, 2021 | Uncategorized |

Love might be the reason people marry. Yet, it is money that causes many marriages to break apart. 

Researchers at Francis Financial interviewed women on several subjects related to their divorce in 2019. At least 80% of them admitted to having financial worries of some sort during their marriage. A quarter of them had issues with their husbands’ spending.

Divorce provides an opportunity to regain complete control of your finances. The sooner you decide to part ways with your spouse, the earlier you can get your finances in order.

Mediation can help you jumpstart your new life

The average length of time that the above-referenced female respondents reported the divorce process taking was 10.7 months. Couples who pursue mediation can cut their divorce time to two or three months. You can then start getting your finances in order. 

Mediation often costs less than litigation because of how quick the turnaround is in resolving disputes. You, therefore, give yourself a head start by not wasting money taking your divorce to court.

You leave the decisionmaking to the judge when you pursue litigation. The court can never understand your situation and financial needs as well as you can. They could award you a settlement that you are unhappy with, yet you would have to accept it.

When you mediate your divorce, you do not sign the agreement until you are happy with the outcome. So, if you know you need a certain amount of money from your spouse to set up a new life, you’d want to keep negotiating until you get it or until you reach a deal that you are happy with.

There is a good reason that more and more people are turning to mediation and shunning litigation. It makes financial sense. Find out more about this and the other benefits of using mediation to settle your divorce. You and your ex may be less likely to pursue a modification later on if you do.