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Understanding economic mediation in New Jersey

On Behalf of | Feb 20, 2021 | High Asset Divorce

Some New Jersey divorces are more complicated than others. If yours is among them, you may have complex financial matters you need to work through that may take extra time and attention. Under these circumstances, you may need to undergo economic mediation before your divorce case goes to trial.

What does economic mediation entail, and what role does the economic mediator play? Per the New Jersey Courts, economic mediation becomes necessary if you and your former partner are unable to come to terms about financial matters during a Matrimonial Early Settlement Panel. If you or your ex wants to do so, though, either of you maintains the right to request a referral to mediation at any time.

Economic mediator duties

When you work with an economic mediator, expect this individual to serve as an unbiased third party who helps you work through complicated financial matters with the goal of reaching an agreement. The mediator often helps you identify issues of contention. He or she may, too, help you give you an accurate depiction of what a fair settlement might look like.

Economic mediation benefits

Economic mediation gives you a chance to work through hot-button matters before your case goes to trial, which may take substantially less time and money. It is also more private than traditional divorce litigation. Many former couples find that undergoing economic mediation also helps preserve at least some sense of a working relationship between them. This may prove especially valuable if you need to co-parent together moving forward.

When you work with an economic mediator, the economic mediator covers the first two hours of working with you his or herself.


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