Westfield Mediation, LLC
  • Home
  • About us
  • Mediation Services
  • Resources
  • FAQ
  • Contact us
  • Blog

NON-BINDING MEMORANDUM OF UNDERSTANDING

8/24/2018

0 Comments

 
The agreements that you reach in divorce mediation are put into a non-binding Memorandum of Understanding.  Memorandum of Understanding is just a fancy industry term for a report that reflects the agreements you have reached in mediation.  The key-term in that first sentence is non-binding.  Non-binding means not legally agreed to.  So, why do people go through a process that is meant to end their marriage if each party is not beholden to stick to the agreement in the document?  This is a great question.

Divorce mediation works because it is not legally binding.  People have the flexibility to make agreements in good faith without the rigidity of every decision being final.  During the first meeting at Westfield Mediation, LLC, we explain that the agreements are not set in stone and legally binding until you get to court and get your divorce agreement signed off on by the judge or otherwise made binding by you between yourselves.  You have the freedom to adjust who is spending Thanksgiving Day with the kids until you get to court.  You have the freedom to reduce spousal support from 10 years to 8, until you get to court.  You have the freedom to end up splitting the joint bank account 60/40 instead of 50/50 to balance out the other assets you are dividing.  It is nice to have this wiggle room.

People find that divorce mediation works really well because both parties are involved in the decision making. Studies have shown that people who have input into their divorce agreement are more likely to follow through with the agreement and less likely to return to court post-divorce to change the agreement. People tend to end up with the agreement they reached in mediation as their final divorce agreement.  Sometimes minor tweaks are made before the agreement is finalized, which is the beauty of mediation.  You have the ability to make those changes as needed before going to court.  Once you get to court and you and the judge sign the divorce decree, what is written in the document is legally binding. 
​
For more information on divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M. Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC at 908.913.0373.  View our website at  www.westfieldnjmediation.com or email us at info@westfieldnjmediation.com. 
​
0 Comments

Parenting pLans and 529 accounts

8/10/2018

0 Comments

 
There has been a lot of buzz lately about the changing tax laws and the impact on alimony.  (Essentially, after 2019, the paying party no longer has a tax deduction and will be taxed on the alimony he/she pays, while the receiving party is not taxed on this income.) 

Another change in the new tax law -- getting less attention, but also important -- involves private school.  Parents can now use funds in their 529 accounts to pay for private school tuition and books from elementary school through high school. This money used to be set aside for college or post-high school education only.

For our divorce mediation clients at Westfield Mediation, LLC, we create a plan for all the parenting expenses, including education expenses. For some families, that includes private school. So, now this change in the tax code has to be factored in.  Being able to pay for private school with tax free dollars may help some families. In addition, families with existing 529 accounts may benefit from being able to access this money earlier. 

But there are potential problems as well.  For example, divorcing parents who want to use their 529 accounts for private school will have to consider whether there is going to be enough money in these accounts for both private school and college for their children or whether they need to rethink their long-term savings plans. In divorce mediation, we work together with our clients to create agreements that are comprehensive enough to address their children’s needs through college, yet flexible enough to account for the changing financial situation of the family.

​For more information about parenting plans or divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M. Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC at 908.913.0373.  View our website at www.westfieldnjmediation.com or email us at info@westfieldnjmediation.com. 
 
0 Comments

    Authors

    Michelle Weinberg, M.Ed.,LMFT, is a Licensed Marriage and Family Therapist with many years of experience working with couples.

    Randi M. Albert, JD, is an attorney with experience in family law and public service.

    Categories

    All
    Division Of Assets And Liabilities
    Divorce Attorney
    Divorce Mediation Process
    Money
    Parenting
    TOP EIGHT BLOGS: DIVIDING ASSETS AND LIABILITIES
    TOP FIVE BLOGS: SPOUSAL SUPPORT
    TOP SIX BLOGS: CHILD SUPPORT
    TOP SIX BLOGS: PARENTING
    TOP TEN BLOGS: PROCESS

    RSS Feed

Powered by Create your own unique website with customizable templates.