The complexities of a divorce process depend on a variety of factors, including how long you were married, the residency requirement laws in your state, whether you have children together, own a home together, have significant differences in your income, are self-employed, unemployed, or have debt or joint assets.
If that sounds like a lot, it’s because it is! Don’t worry, TruNorth Divorce is here to help you decode divorce. Your first course of action is to understand the different types of divorce processes and then know the right questions to ask as you debate what works best for you and your unique circumstances. In this piece, we go over available options and we’ll address which questions in our next post.
What are My Options for Divorce?
1. DIY Divorce
Most states provide access to free divorce forms online that you can download and fill out on your own. Generally speaking, though, it’s not a good idea unless you have no assets or children. Mistakes can cost thousands of dollars and you only get one chance to do it right. While it may seem like the most simple divorce process, it can end up being the most costly.
2. Mediation
Mediation includes the use of a mediator, a neutral third party that does not “pick sides” but rather helps both spouses reach a mutually beneficial agreement without the case going to court. You and your spouse ultimately make the decisions but a good mediator isn’t so much a neutral as she is a “dual advocate.” In this role, she will help both spouses identify an optimal financial settlement and make choices that are most beneficial for you both. Other than DIY divorce, mediation is likely to be the least expensive, fastest, and least stressful of the options. It can be the most streamlined process of all.
3. Litigation
Often thought of as the de facto divorce process, litigating a divorce involves both parties having attorneys and involving the court to make decisions regarding support, division of assets, and custody. Litigation should only, though, be considered a last resort, as it’s lengthy and expensive, stressful, divisive, and you’re giving up control of the process and outcome. Sometimes, though, it’s unavoidable.
4. Negotiated Representation
An option where both parties are represented by their own lawyers who negotiate an agreement between them and minimize court involvement. Compared to litigation, a negotiated settlement tends to be less expensive, shorter in duration, and is more confidential than a court-led process, protecting you and your family from public scrutiny.
5. Arbitration
This out of court process entails the resolution of a dispute through an award of damages to a party, decided upon by a neutral third party called an arbitrator. Decisions are binding, enforceable by law, and have very narrow grounds for appeal. The advantage, relative to litigation, is that you stay out of court and maintain privacy.
6. Collaborative Law
Collaborative Law is a branded form of a team-supported divorce. Collaborative divorce is a non-adversarial process with specially trained lawyers, mental health professionals, and financial professionals who assist the parties to reach mutually agreeable settlements that are created by the people involved, not the court. In a collaborative divorce case, everyone works together with the commitment of all participants who will engage in a process requiring full disclosure of information by the parties and a commitment to resolve all issues without resorting to litigation.
Which Divorce Process is for me?
Read our guide How to Choose a Divorce Process to help you decide on which process is right for you. If you’re looking for more divorce guidance, please click over to my free ebook, Divorce Financial Planning Guide. And then schedule a private complimentary consultation.
