The ups and downs of the current economy are making some couples contemplating divorce a little nervous. Divorce mediation involves dividing assets and debts, calculating child support and alimony and generally making financial plans for a new future. There will always be some level of financial uncertainty when taking steps toward divorce, but it should not keep you from moving forward. In divorce mediation at Westfield Mediation, LLC we take current economic issues into account while helping to guide you toward a fair and equitable agreement.
Over the last few months, the stock market has been down, reducing the value of some retirement assets. These changes should not adversely impact the divorce mediation process. In mediation, we mostly focus on how we are dividing the assets rather than the account totals, so we can still move ahead with your plans.
Similarly, we can work around the uptick in the housing market. For many, the value of their marital home has increased in recent months, providing a bonus to divorcing couples seeking to sell or refinance their marital home, while making it harder in some cases to find a new place to live. These are also issues that can be addressed in mediation, while we make plans for your short-term and long-term financial futures.
Finally, the job market is also in flux, with minimum wages rising and employers offering various forms of work ranging from in-office to hybrid to fully remote. For many employees this has been a time of opportunity, while others are feeling stretched thin. These employment issues may impact the discussions involving child support and alimony in divorce mediation, but do not hinder your ability to move ahead.
Economic uncertainty is always going to exist in some form. The important thing is to address these concerns in divorce mediation and work together to factor them into your agreement. Finding solutions that work for both partners in mediation will allow you to move forward to a better, less stressful future.
