One of the biggest mistakes made by couples when divorcing is to allow the strong emotions they are experiencing to interfere with the financial decisions to be made. Arizona couples in the middle of divorce may find it beneficial to enter into mediation in order to ensure that both parties are protected. The use of a third party to assist in negotiating on matters which evoke strong emotions may make the proceedings a lot easier.
Mediation is but one option for divorcing couples to take when matters become tough during negotiations. By obtaining information about collaborative divorce and going for counseling, a divorcing couple may find working through difficult issues, such as finances, become easier. It is important that both partners emerge from the divorce with their financial futures intact.
One way to ensure that a divorcing couple is protected financially after the divorce is to have both partners compile a balance sheet and detailed budget for their lives after the divorce. This could assist in ascertaining the likely financial position of both parties after the divorce. Through these means, a situation can be avoided where one partner has little liquidity or is stuck with debts on real estate and the other with the more marketable assets.
Through mediation, divorcing couples in Arizona may find that taking a more long-term view of the financial future can benefit them as they negotiate the divorce. When in the middle of a divorce, couples often need other, more objective opinions to help them avoid making costly mistakes. By making use of the mediation process, everybody involved may be able to exit the divorce with much less emotional harm done, than when partners are constantly fighting.
Source: wsj.com, “Don’t Use Money as a Weapon in Divorce“, Eleanor Blayney, April 17, 2014