Did you know that there are basically three kinds of divorce mediators? There are lawyer mediators, therapist mediators, and financial mediators.
Most people new to divorce think first of lawyer mediators. Lawyers are experts at navigating divorce through the courts: filing petitions, presenting at hearings, filing motions, and arguing cases before hearing officers and judges. If you’re meditating your divorce, though, there isn’t much that a lawyer can bring to the table other than knowledge of the filing procedure and state guidelines and these are readily available to all. Lawyers aren’t allowed to provide the couple with legal advice, either. Regardless of your choice in mediators, it’s a good idea to hire an attorney as a consultant to get legal advice and review your settlement agreement before signing.
Second, therapist mediators are specially trained in various mental health areas and are useful as divorce mediators when there are special circumstances, e.g., complex custody issues or personality disorders. They do not possess financial expertise, nor can they help with legal documents or divorce processing. On the other hand, you may want to utilize a divorce coach to help you stay on track throughout the divorce process and be more effective in your negotiations.
Financial mediators, specifically Certified Divorce Financial Analysts® or CDFA-mediators, bring divorce financial expertise to the table, helping couples determine an optimal divorce settlement. They can provide the couple with financial advice that neither lawyers nor therapists are equipped to do. Working with a financial mediator facilitates:
- Properly identifying and valuing marital vs. separate property
- Understanding the tax implications of various settlement options
- Evaluating settlement options, including support and division of assets, on both short-term and long term criteria, specifically whether there will be sufficient cash to pay the bills in the next few years and whether there will be enough wealth to fund longer term goals like retirement.
So be aware that there is more than one type of mediator option and that your first leaning may not be the best choice for your situation. Book a complimentary, private consultation to learn more.
