Aside from being a potentially traumatic and emotionally draining experience, divorce can also take its toll financially, both on you and your former spouse. Countless individuals have filed for divorce only to be blindsided by the reality of their new financial outlook. When choosing to end your marriage, it is prudent to thoroughly discuss all aspects of finance in terms of an equitable division of assets, details of any alimony or child support payments and any other money-related factors that may need to be worked out prior to finalizing your divorce.
However, it’s no secret that the topic of money can be a highly sensitive one, especially between two people who are dissolving their marriage, when emotions are already running high. Also, the emotional stress and trauma of a divorce can be so forceful that you forget to think about the economic side of things altogether. Maybe you are daydreaming of a big trip after your divorce. For this reason, it is a good idea to involve a divorce mediator in financial discussions. Here are some of the ways a divorce mediator can help you and your former spouse reach a fair financial settlement and secure a brighter future.
Financial Planning
During a mediation session, a divorce mediator can sit down with you and your soon-to-be ex-spouse to help you plan for your financial future. Using sophisticated financial planning software, your mediator can offer guidance and support with difficult economic questions specific to your circumstances, giving you the information you need to make informed decisions.
The use of this software, along with a divorce mediator’s experience in the field of family law, can help both parties end their marriage in a solid financial state.
Tax Planning
One of the biggest financial mistakes divorcing couples make is neglecting to consider how their decision might affect their tax burden. Filing for divorce too close to the end of the year may result in not being able to file your taxes as a divorced person for that year. A divorce mediator who is well-versed in both tax law and family law can help you plan ahead for the resulting tax implications you and your former spouse may face in order to help you make the best, most money-saving decisions possible.
Divorce can be hard enough without having to worry about your resulting finances. By enlisting the help of an experienced divorce mediation in Denver CO, you can rest assured that you are receiving sound advice that can set you up for a brighter financial future.
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