Mediation is often a simpler, cheaper and less time-consuming process compared to traditional divorce proceedings. A neutral third party will help you and your partner resolve issues and work towards the main goal—a fair settlement.
If mediation is an option, it is highly advisable to choose that path—not just for its less adversarial nature, but for the financial benefits as well.
Here are some of the most common financial advantages divorce mediation can offer.
1. Lower overall costs
Divorce mediation is typically less expensive than going to court.
To illustrate, a traditional divorce would require two divorce attorneys. On the other hand, divorce mediation only requires one mediator. This fact alone may already cut legal fees in half.
Additionally, you pay less in court fees and other costs that come with a court case.
2. Faster resolution
A divorce settled through mediation can take as little as two to three months. In contrast, a court divorce can drag on for six months to a year, or even longer in some cases. That length of time often comes with additional legal fees.
A faster process saves you both time and money. Aside from spending less, you also get to move on with your life sooner.
3. Preservation of assets
When you choose mediation, you are less likely to use up marital funds to pay legal fees. This means there is more left over to divide between you and your former partner.
4. Customized financial solutions
In mediation, you and your former spouse are two parties working together for a fair resolution. A mediator will help you make choices that will align with the best interests of yourselves and your children.
That said, there are no winners and losers. Mediation allows you to come up with creative solutions that work best for your specific situation. Here are a few examples:
- Gradual home buyout over time
- Continued shared business ownership
- Uneven but fair split of retirement accounts
- Joint education fund for children
- Temporary shared use of family home
This kind of flexibility can lead to better financial outcomes for everyone involved.
5. Less emotional turmoil
Divorce mediation can also help minimize the emotional toll of separation. While it is not inherently a financial benefit, having a more amicable divorce can help you remain productive in your personal and professional life.
As you can see, mediation can be a better option both emotionally and financially. If you want to learn more about the process, consider consulting a family law attorney who can help you understand every step involved.