The Financial Side of Divorce

When deciding to divorce, it is recommended for the parties to educate themselves on various financial considerations, provide an overview regarding their options for getting divorced (i.e., litigation, mediation, collaborative), and organize their required financial materials and documents, which will help contain the cost of the process. Before hiring a lawyer or mediator, it is imperative for the parties to gain an understanding of their primary issues and details about their financial situation.

If marriage is all about love, then divorce is all about money. And when people are going through a divorce, they must keep their focus on the money.  Divorces are now much more financially complicated than they were just ten or fifteen years ago. It is not unusual for marital assets to include residential and commercial real estate, sophisticated financial investments, complex employee compensation packages, and closely-held businesses or professional practices. Finances, financial projections and analyses aren’t taught in law school—and good divorce lawyers understand they may not have the expertise to handle the financial complexities of their clients’ cases in settlement conferences.

When no-fault divorce statutes were enacted in Florida, the divorce epidemic began. Family issues were decided in court and many couples came out feeling punished, bruised, and bitter. In court, there is clearly either a winner or a loser.

The expenses of a divorce are unlikely to deter a couple that truly needs to split, but experts say they should still be aware of just how high the bill can get. It some cases, the financial consequences can set the parties back decades. However, there are so many financial aspects of divorce that must be balanced that if parties aren’t careful, they can end up in a big money mess.

This means that more and more family law attorneys and individuals look to professionals to assist them and their client.  Clients going through a divorce are in a “crisis mode” and the cost of these professionals can be staggering.  Money is a huge source of uncertainty and fear-based arguments in many divorces.  When mediating a divorce case with a Mediator with financial knowledge in divorce related matters, the parties benefit from the family law attorneywho bringslegal expertise to the table and from themediatorwho brings financial expertise to the table- both are key ingredients to the overall settlement.  As a mediator with financial knowledge, I help allay some of the fears by helping explore settlement options that avoid common financial pitfalls, watching out for tax issues.  When clients feel more secure, they’re able to make better choices about their futures.

When it’s time for settlement, you and your clients need a mediator who is knowledgeable about the issues in divorce, understands the financials, gets the job done and a mediator who deals only with these type of cases. Whether it is divorce, alimony, custody or post-judgment issues, allow Deborah Beylus of South Florida Mediation Services to mediate the case to help you negotiate what matters to you and your clients in a balanced manner.

Deborah Beylus can be reached at her Boca Raton office at 561-789-0710.