Navigating the complexities of divorce is never an easy task. The CDC reported that there were over 15,000 New Jersey divorces in 2020, and many of them involved couples with substantial assets. High-asset can complicate the divorce process as they often involve intricate details with multiple properties, business ownerships and significant financial investments at stake.
Making fair and equitable decisions about the division of these assets can be daunting. In such situations, bringing in an economic mediator might seem like a sensible solution. But do you really need one?
The potential benefits
An economic mediator serves as an impartial third party, offering a neutral ground where you and your spouse can discuss and decide on asset division without letting emotions cloud the judgment. Their expertise can be invaluable, especially when dealing with complex financial situations. They offer guidance on tax implications, property evaluations and other intricate financial matters.
Moreover, unlike court proceedings that can become public record, mediations remain private. This confidentiality can be particularly beneficial if you or your spouse wish to keep financial details away from public scrutiny. Additionally, while you might incur fees for the mediator’s services, resolving asset divisions through mediation can often be quicker and less expensive than prolonged court battles.
The potential downsides
On the flip side, the agreements reached in mediation do not carry the same force as a court order. This means that either party can choose not to abide by the mediation’s outcome, leading to potential disputes later on.
However, while economic mediators are adept at handling financial matters, other divorce-related issues like child custody or alimony might still need separate resolution. Mediation’s success also hinges on both parties’ willingness to cooperate. If one party remains uncooperative, mediation might not prove effective.
Determining whether you need an economic mediator for your high-asset divorce depends on your unique situation. If you believe that you and your spouse can communicate effectively and are open to compromise, an economic mediator can provide valuable guidance. Whatever path you choose, prioritizing open communication and a fair resolution will serve you best in the long run.