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.
For more information about financial plans and/or divorce mediation, please 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 email@example.com