There are really two parts to the question -- “Can you afford to get divorced?” One, can you afford to go through the process of separating from your spouse, and two, can you afford to live on your own.

The process of getting divorced can be expensive. One way to minimize the costs is to go through divorce mediation. In mediation, instead of each spouse hiring a lawyer, they use one mediator to help them come to an agreement on issues of parenting, child support, alimony and distribution of assets and debts. The process saves time and money and allows for creative solutions. In addition, while lawyers may ask for a large retainer up-front, mediation is often “pay-as- you-go”, allowing you more financial flexibility. By using one less expensive mediator instead of two high priced lawyers, divorce mediation offers a cost-effective path.

Secondly, can you afford to maintain two households on the same income that you combined for one? Usually, the answer is “no”, and both parties take a financial hit. Still, this downturn can be short-term, and there are ways to lessen the impact.  Start now, by going through your budget, and see where you can make some cuts. Investigate ways to maximize your income, by consolidating your debt, refinancing your mortgage, or taking on extra work.  Examine your investments and health insurance expenses to see if you can modify them to create a better financial plan for you. Sometimes a combination of small steps can make a big impact.

If you are ready to get divorced, you should not be scared off by the expense of it all. There are steps you can take to make both the process and your post-divorce life more affordable. For questions about divorce mediation, and preparing for your post-divorce life, please contact Randi M. Albert, JD or Michelle Weinberg, LMFT at Westfield Mediation, LLC, by phone 908-913-0373, or email us at info@westfieldnjmediation.com. You can also visit our website www.westfieldnjmediation.com.

Have you broken your New Year’s Resolution yet?  The new year is a time when you think about change and what you want to do differently for your future.  I read that people contemplate divorce for an average of 5 years before taking action and actually getting divorced.  So, maybe upon reflection of the new year, you are in that 5-year window of thinking that divorce is in your future, albeit not this year.  So do what you can do now, even if you are not getting divorced now.

At Westfield Mediation, LLC, we like to educate our clients so they can make the best choices possible for their future. Mediation requires that both parties are present for the meeting.  However, at Westfield Mediation, LLC, we do offer a one-time only consult for one person when both people are not yet ready to commit to the divorce process but one person wants more information about the divorce mediation process.  We would be happy to meet with just one of you to explain how the divorce process works and what to expect, so you are better prepared when you are both ready to start the divorce process. 

During the divorce mediation process you will have to make many decisions, personal and financial.  You will be less shocked then if you start to plan now.  Upon divorce, you will most likely need to be more self-sufficient.  You will be a single parent and will need to strengthen your support network.  Find out the logistics and cost of potential child-care needs. Now is a good time to finish your education, meet with a career counselor, get a better job or get back into the workforce (part or full-time).  Some couples separate their finances, even while still married.  You can open up a credit card in your name only to start to establish your own credit history.  In the future, you will need to provide for your own health insurance, so look into your options with your current job.  Upon divorce, you will likely want to change the beneficiary on your life insurance policy or retirement benefits.  You may want a new person in charge of your will and health care directives.  Start to think about who you want to fill these roles.  Find out the finances about your house and look into the cost of renting in your town and surrounding towns, so you have an idea of where you can afford to live.  These are just a sampling of the many things you will need to address when you get divorced. 

At Westfield Mediation, LLC, we believe that knowledge is power.  We like our clients to be empowered to make the best decisions for themselves for their new future, whether it happens this year or 5 years from now. 

For more information about Divorce Mediation contact Randi M. Albert, JD, or Michelle Weinberg, LMFT, at Westfield Mediation, LLC, at 908.913.0373.  View our website at www.westfieldnjmediation.com or email us at info@westfieldnjmediation.com