How to Financially Prepare for Mediation

If you are using mediation for your divorce, a big aspect of the sessions will regard finances, including how to divide cash, assets, and debt. Whether you are paying by the hour or a flat fee for the process, it will go quicker and smoother if you prepare for the sessions ahead of time.

Understanding the Mediation Process

One way to prepare is to know what to expect from the process. A mediator is a neutral party who guides discussions between the two sides. Unlike in litigation, where the judge makes a decision based on the evidence presented, the divorcing spouses come up with a fair and equitable divorce agreement on their own.

The mediator outlines what will happen in each session and will help the couple work through disagreements. If necessary, the process may also include help from a financial professional.

Prepare all Relevant Financial Documents

When the session is centered around asset and debt division, you should locate and gather all documentation to bring with you. This includes bank statements, retirement accounts, investment statements, credit card statements, etc. Having these documents available will make the process easier to navigate. Each side should also come prepared to negotiate.

Out-of-Court Solutions is experienced in mediation and can discuss any additional things you can do to prepare. Contact us to see how we can help.