Spouses on the verge of divorce frequently do not agree on critical issues. If they cannot resolve those disagreements, then they likely need to have a litigated divorce.
Those hoping to divorce as amicably as possible may decide to mediate their individual disputes or their entire divorce. When spouses disagree on the terms of their property division settlement or the need for financial support after a divorce, economic mediation can help.
In mediation, spouses work with their attorneys and a neutral third-party mediator to resolve their disagreements about financial matters. While that may seem like a time-consuming and costly process, economic mediation can actually prove to be more cost-effective than a litigated divorce.
Time in court is costly
When looking at the average cost of a divorce, the number of disputes the spouses have and the time they must spend in court are key factors that influence the overall cost of the divorce. Mediation comes with its own expenses.
Spouses have to pay for their attorneys to assist them while they prepare and to attend the mediation sessions. They also have to pay for the services of the mediator. Still, those costs may be substantially lower than the costs of preparing for litigation and having a judge determine how to split marital property.
Economic mediation also allows each spouse slightly more control over the process, which can lead to improved satisfaction with the outcome. Spouses can also protect their privacy instead of making formal disclosures in court regarding their resources and debts.
Considering economic mediation as a solution for property division disagreements can be beneficial for those preparing for divorce. When mediation is successful, it is often a more cost-effective solution than going to court to settle disagreements.