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Mediation can help you protect your retirement funds in divorce

Going through a divorce can often have a negative impact on your financial situation. There are many reasons for this, including the fact that spouses tended to drag out their divorces and fight over their assets. The result of that behavior is often a diminished marital estate, especially if you are close to retirement age.

If you choose to go to court, both you and your spouse have to pay for attorneys. You also have to pay the court costs. Those expenses can rapidly add up to tens of thousands of dollars, which often come out of your savings. For some couples, that can mean pulling funds that they planned to use for retirement to pay for the divorce.

In many cases, mediation is a better solution than a competitive divorce. This is particularly true for couples who are concerned about their ability to comfortably retire before they start thinking about separating their finances.

Mediation helps you develop a financial compromise

Many people facing divorce tend to dig in their heels and get stubborn when it comes to dividing assets. It is likely that you and your spouse disagree about what is a fair division of your assets. The larger the asset in question, the more likely you are to become emotionally involved in the division process.

Specifically, your home and your retirement account may inspire more fighting and emotions than your furniture or even your vehicles. After all, that lump sum of money represents your security as you age and your ability to enjoy your retirement. Fighting over that account with your spouse in court can prove counter-productive, as neither of you will benefit from funds that go toward paying for divorce.

Mediation helps you and your spouse work together to find a solution you can both accept. Instead of playing a winner-take-all game, you can work toward an agreement about what is fair for everyone involved. This can end up saving you money while also keeping your divorce more civil.

Saving money is just one benefit of divorce mediation

Mediation offers many more benefits than cutting down how much you have to pay for your divorce. It also offers better privacy for the divorcing couple and protects young children from the emotional devastation of an angry battle in court.

Divorce is difficult and tumultuous even in the best of cases, but that doesn't mean you can't minimize how it impacts your financial future and life. Mediation is a great option for many New Jersey couples looking to end their marriages. If you believe that you can compromise with your spouse and work together, you should consider whether divorce mediation could work in your case.

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  • Best Readers Choice Awards Of Essex | 2018
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Melissa Cipriano: Honored as a "Best of New Jersey Among our Most Distinguished Americans of Italian Descent" and conferred the "Stivale D'Italia Award of Excellence" by the Italian Tribune for her "honesty, integrity and dedication to fair and ethical business practices" and her "outstanding reputation as a Woman Whose Word is Her Bond".

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