Divorcing couples often have money troubles. Sometimes, these problems already existed, and maybe even contributed to the decision to divorce. Other times, it is just the expense of creating two households that makes things financially difficult. As part of the divorce mediation process at Westfield Mediation, LLC we help our clients create a workable financial plan.
In mediation, we go through our clients' assets and debts, and help them devise an agreement for dividing them. We also create plans for child support and spousal support or alimony. Finally, we have our clients complete budgets that show how much they spend living together, and how much they will spend living apart.
During this process, it often becomes clear that for most people, the expenses of living separately are greater than those living apart, and their current incomes are going to need to be stretched. This is especially true at the beginning of the separation when the couple may need to set up a new home or two.
To get through this rough time, we encourage our clients to try to trim their budgets and/or maximize their income. Oftentimes, we recommend speaking to a financial advisor to determine how best to move forward with current income and investments. Laying out financial issues helps make clear what each person needs to do to afford their new life. And having a practical financial plan in place takes some of the stress out of getting divorced.