Couples that are going through divorce are most commonly worried about their finances and how their financial position isn’t ideal anymore. Irrespective of whatever way you decide to divide the finances, there will always be the nagging feeling that what amount was once used to run one household is now being used to support two. It is a difficult pill to swallow, but it’s important to ensure the well being of you and your partner. Some people come to mediation expecting they will not have to change the amount they spend on themselves or their lifestyles. Unfortunately, that isn’t the case.
Having said that, if you want financial security to be achieved to the best of your potential, divorce mediation is just the thing for you. For starters, instead of both of you fighting a long litigation battle worth thousands of dollars, it’s cheaper and more effective to come to divorce mediation. Once you decide to mediate your divorce, you should come with reasonable expectations, here are a few tips on how to manage your expectations during divorce mediation:
Understand What Separate Property Is
Separate property is the property that is wholly and solely yours unless some exceptions specific to your case apply. The property that you come into the marriage with or the property that you have inherited during the marriage is only going to be regarded as your separate property. Once you are clear about that and you come into divorce mediation, you should remember that a separate property does not get divided 50/50 between the couples.
Why does it help in curtailing expectations? When you come into divorce mediation, knowing the minor details will help you understand how your property will be treated and you’ll thus have expectations knowing what’s fair and reasonable for you to get.
Review Your Finances
Something that is common among many couples today is that one of the spouses hasn’t looked at the other’s finances for years and is unaware of their current financial position. This spouse has no idea of the income and how the finances of the house are being managed. Sometimes, this lack of knowledge results in them assuming there is a lot more money to be divided than there really is.
How to curtail these misconceptions? When you start your mediation process, your Orange County divorce mediator will tell both of you about each others’ financial position so that during the division of finances there are no lofty expectations leading to disappointment at the end of it.
Learning about your financial position and the details regarding your properties is time spent wisely because these ensure that your expectations are managed. Knowing these facts will help you align your expectations in respect to the black and white numbers that will now be in your knowledge.
Gerald A. Maggio is a trained Orange County divorce mediator who has amicably resolved cases many cases out of court, as well as an experienced divorce and family law attorney. Mr. Maggio founded California Divorce Mediators in 2012 with the belief that although “not every marriage can be saved, every family can” and a mission to save families from the financial and emotional distress associated with traditional divorce litigation. California Divorce Mediators is located in Irvine, California, and serves the Orange County area and other counties in California offering divorce mediation, child custody mediation and mediation of other family law matters.