Get the Information, Consider Mediation, Leave the Emotion Out of It, and Other Tips for Achieving a Satisfactory Divorce Settlement
During a divorce process, or even in the build-up toward one, it is imperative to have complete and accurate financial information in order to achieve a satisfactory settlement agreement. Many of the assets and liabilities of the marriage are likely to be in joint names, making information about them equally available to both parties. Even if it has always been only one party who handled the account and had the information, a divorce, or the prospect of one, means that both parties can and should avail themselves of the information available. Similarly, both parties can and should closely monitor joint assets and accounts until such time as there is some order or agreement about their distribution. For assets that are not jointly titled, it may be prudent to put the asset holder on notice of the divorce action, or to obtain an order restricting the title holder’s activity
Though mediation is not appropriate for all couples going through divorce, for those willing and committed to working together to achieve a fair and equitable settlement, mediation can be a good way to do that. Before the settlement agreement is finalized, both parties are likely to pay their separate attorneys to review it and advise them, but in the course of developing that final agreement, it can be cost effective to have both parties paying one mediator. Additionally, mediation frequently allows the parties greater flexibility, and it can often bring the matter to a more rapid resolution.
Whether by way of mediation or through the more traditional adversarial system, an emotional attachment to assets and liabilities rarely produces a satisfactory financial result. Undue emotional attachments to things like the marital home, certain personal property, or even a pension fund can lead a party to a less-than-optimal financial result, especially if the other party recognizes the emotional attachment. Were the matter referred to the court for resolution, it would be treated more like a business proposition, about making the numbers work out fairly. To achieve the most satisfying financial results, parties should do the same thing.
While this space will present more tips for achieving satisfactory settlements in divorce in the future, the last one for now is that it is helpful to invest in post-divorce financial planning before finalizing a divorce settlement. Tax liabilities, inflation, and health insurance are but a few of the considerations to be made and planned for in finalizing a divorce settlement agreement.
For more tips, a thorough discussion, and the help of our team of experienced professionals in proceeding effectively toward a satisfactory divorce settlement, call one of our attorneys today at 610-892-3877.