Benefits of a Financial Neutral During Divorce Mediation
At San Diego Divorce Mediation & Family Law, we know that divorce isn’t just about feelings – it’s also about money. Scott Levin, our top California divorce lawyer, is also a Certified Divorce Financial Analyst™. He’s seen how important it is to plan your finances during a divorce. Let’s talk about how a divorce financial planner can help during mediation. Scott also wrote about the CDFA impact in California mediated divorces.
What’s a Divorce Financial Planner?
A divorce financial planner is someone who knows about money and divorce laws. They help couples figure out the financial part of their divorce. This person works with the mediator to look closely at the couple’s money situation and give advice.
Why a Financial Planner is Helpful
While a lawyer like Scott Levin knows about the law, a financial planner knows all about money. They can help figure out difficult money situations, show what might happen with different choices, and spot financial problems you might not see right away.
At our firm, we’ve found that having a financial planner in mediation often leads to better agreements. It’s not just about splitting things fairly – it’s about making a money plan for both people’s futures and the importance of considering the future when dividing assets and debts in a California divorce.
Looking at All the Financial Details
One big job of a divorce financial planner is to look closely at all the couple’s money. This means checking what they own, what they owe, how much they make, and how much they spend. The planner can show how different choices might work out over time.
This can be extremely eye-opening for many couples. It often shows facts about money that they didn’t know before. For example, keeping the family house might seem nice, but a financial planner can show if it’s really affordable in the long run.
Planning for Retirement
Often, a big part of a couple’s money is in retirement accounts. Splitting these can be complicated. A divorce financial planner can help look at different ways to split retirement accounts. They think about things like penalties for taking money out early and how long each person has until they retire.
We’ve seen how important this help can be in making fair agreements. A financial planner can help make sure both people are on track for a good retirement, even after splitting their money.
Making a Budget for After the Divorce
One of the most helpful things a divorce financial planner can do is help each person make a realistic budget for after the divorce. This means figuring out how much money they’ll have coming in and going out, including things like child support and alimony.
This can be challenging, but it’s extremely important. It helps both people understand what their money situation will be like after the divorce. This can help them make better decisions about splitting assets and support payments.
Coming Up with Creative Solutions
In mediation, the goal is to find solutions that work for both people. A divorce financial planner can help with this by suggesting money ideas that the couple or their lawyers might not think of.
For example, a financial planner might suggest ways to split property or pay support that saves both people money on taxes. They might also have useful ideas for dealing with shared debts or handling complex things like stock options or businesses.
Helping Make Decisions Based on Facts, Not Feelings
Divorce can be very emotional, and sometimes, these emotions can lead to poor money decisions. A divorce financial planner brings a fact-based view to the process. They can help both people see past their immediate feelings and make choices that are good for their long-term money situation.
This can be valuable in mediation, where the goal is to reach a friendly agreement. By focusing on the facts about money, a planner can help reduce arguments and keep talks moving forward.
Giving Both People Power
In many marriages, one person handles most of the money stuff. This can make the other person feel at a disadvantage during divorce talks. A divorce financial planner can help even things out by making sure both people understand their financial situation and what different choices might mean.
At San Diego Divorce Mediation & Family Law, we believe that when people understand things better, they make better choices. By working with a financial planner, both people can feel more in control and make decisions they’ll feel good about later.
Planning for the Long Term
Divorce isn’t just about splitting belongings up – it’s about setting both people up for success in their new lives. A divorce financial planner can help each person make a long-term money plan that fits their new situation after divorce.
This might include ways to build up savings again, change how they invest their money or plan for big future expenses like kids’ college. By thinking beyond just the divorce agreement, a financial planner helps make sure both people are on solid ground moving forward.
Working with Lawyers
In mediation, a divorce financial planner works together with lawyers like Scott Levin. The financial planner’s ideas can help with legal plans, while the lawyer makes sure any money agreements follow California law and protect the client’s legal rights.
This teamwork often leads to better, more complete agreements. It combines money know-how with legal knowledge, making sure all parts of the divorce agreement are carefully thought about.
Getting Help with Your Divorce Mediation
If you’re thinking about divorce mediation in California, having a divorce financial planner involved can be a smart move. At San Diego Divorce Mediation & Family Law, we work closely with financial experts to make sure our clients have the information and support they need to make good money decisions.
Scott Levin’s knowledge as both a California divorce lawyer and a Certified Divorce Financial Analyst™ lets him give full guidance throughout mediation. We can help you understand how your divorce will affect your money and work towards an agreement that protects your financial future.
Remember, the financial choices you make during your divorce can affect you for a long time. Don’t try to handle this tough process alone. Reach out to us at San Diego Divorce Mediation & Family Law. Call us at (858) 255-1321 or use our online form to set up a meeting. Let us show you how having both legal and financial professionals can lead to a smoother, fairer divorce process.
