Divorce mediation is the process wherein a neutral third party, a mediator, facilitates communication and negotiation between parties in an effort to resolve divorce-related issues including property division, custodial access, child support and spousal support. Many mediators that specialize in divorce and custody issues are either attorneys, mental health practitioners or Certified Divorce Financial Analysts (or “CDFA’s”) who help couples make decisions regarding the legal, child custody, and financial issues of a divorce settlement. Often times, an attorney and a Certified Divorce Financial Analyst may participate in what is called a “co-mediation” where the CDFA, who is trained in the financial and tax issues of divorce, and attorney work together to help the parties craft an agreement that works best for their circumstances. There are many advantages of divorce co-mediation. This type of dispute resolution is particularly helpful with parties who have a complex financial situation such as business interests, alimony or spousal support considerations, or deferred compensation. Some of the advantages of divorce co-mediation with an attorney and a Certified Divorce Financial Analyst are:
• A Comprehensive Agreement – Co-mediation with a Certified Divorce Financial Analyst can ensure that the parties’ financial decisions are properly addressed such as tax filings, QDRO preparation, separation of investment or retirement accounts, business interests and stock options.
• A Complete Financial Analysis – A financial analysis conducted early in the divorce process during co-mediation can save time. During the co-mediation, the Certified Divorce Analyst will explain all financial aspects of the pending decisions and make sure the parties have a clear understanding.
• Avoiding Long-Term Financial Pitfalls – Co-mediation with a Certified Divorce Financial Analyst can help the parties to avoid future financial pitfalls by developing a long-term forecast for their financial situation.
We are living in a world where specialists and specialties are increasingly more valuable. Divorce or custody mediation can be the most cost-effective, lowest conflict, process of all of the divorce settlement options and with co-mediation, the CDFA helps to empower the parties to make educated and fully-informed financial decisions instead of the parties making decisions without a clear understanding of the financial terms of the separation.
If you and your spouse or co-parent are in the process of dissolving your relationship and need assistance in communicating and negotiating an agreement as to child custody, financial support, property division or other issues, divorce co-mediation with an attorney and a Certified Divorce Financial Analyst may be a good option for you.
To find out more about the advantages of divorce co-mediation, contact us today by calling 443-741-1147 or make an appointment on our website to set up your consult with an experienced mediator and attorney.