Financial Mediation
Do any of these statements resonate with you? Financial mediation might be a good fit for your situation if one or more of these ring true:
We are trying to DIY this divorce, but we realize we need some professional help.
We agree on most things, but there are a few sticking points with our financials.
This divorce is a first for both of us - if someone could just tell us what decisions must be made and the general parameters for those decisions, we are confident we can reach decisions.
We realize we need at least one divorce professional involved, but would like to avoid hiring an attorney, if possible.
We are looking for someone who can take us through a time- and cost-efficient process for making financial decisions in our divorce. We tried doing it ourselves but we’re not making much progress.
I have compassion for my spouse and genuinely want the best for them. My spouse has compassion for me and genuinely wants the best for me.
What is financial mediation?
Financial mediation is mediation with the goal of reaching agreements about the financial aspects of your divorce. The financial aspects of your divorce include:
The property division - how will the asset and debts be divided?
Spousal support -Will spousal support be paid? If so, what is the amount and duration of the payments?
Parents of minor children must also reach agreements about child support and shared child expenses.
What does financial mediation look like with Serene Divorce Planning?
We work with our clients in a series of two-hour meetings (held virtually over Zoom). Prior to each meeting, we send the clients a meeting agenda and one or more documents to be reviewed during the meeting. Following each meeting, we prepare a meeting summary which includes a list of the homework, agreements made by the clients, a summary of the discussion, and (as needed) a list of referrals for outside professionals.
Generally, three or more mediation meetings are needed for clients to arrive at their final agreements. Once all the agreements have been reached, we prepare a summary memorandum that documents all the decisions reached during the mediation. The clients use the memorandum to complete their divorce paperwork, either on their own or with the help of a third-party professional, such as an attorney or LLLT.
How do I know if financial mediation is a good fit for my situation?
Financial mediation is a good fit for spouses that are able to have difficult conversations. If you think that financial mediation might be a good fit for your situation, a great next step is to talk with your spouse. What are the items that you are both already on the same page about? What are the items where you disagree, but are willing and able to discuss? If you and your spouse are able to have conversations likes these in a way that is respectful, where each person genuinely listens to the other person, then financial mediation may be a good path forward.
How many mediation meetings are needed?
Generally, three or more mediation meetings are needed for clients to arrive at their final agreements. The number of meetings is driven by each client’s willingness and ability to make decisions. Financial complexity often impacts the length of the mediation - more meetings are generally needed when there are complex finances. Clients with complex finances may need 5 or more meetings to reach their final agreements. Complexity often includes, but is not limited to:
A disparity of income between the clients.
One client works part-time or is not in the workforce.
One or both clients earn equity compensation (e.g., RSUs or stock options) at work.
One or both clients have unpredictable and/or contingent income (e.g., self-employment income, bonus income, and/or commissions).
The clients would like to co-own the house after the divorce.
Minor children (which requires that a child support worksheet be prepared and agreements be reached on shared expenses).
How much does financial mediation cost?
The cost of financial mediation is driven by the amount of time we spend on the engagement. Financial mediations generally cost $4,000 to $6,000, although we’ve had cases settle for less and other cases that cost more. The cost of financial mediation (and your divorce in general) is driven by the complexity of your situation and each client’s willingness to make decisions.
We are considering a legal separation, and not divorce. Is financial mediation a good fit for us?
Yes. Our financial mediation process is the same whether the clients intend to divorce or legally separate.
Will you help us write our parenting plan?
No. Developing a parenting plan is beyond the scope of financial mediation. Sometimes, clients are able to develop the parenting plan on their own. For clients needing additional support in developing their parenting plan, we can refer you to a co-parenting professional with expertise in this area.
