Like everyone, you’ll experience stress throughout your life. If you are married, there is nearly a 50% chance you and your spouse will divorce. If this is the reality for you, understanding how to proceed with your divorce while protecting your finances is essential. One option is to consider mediation. If you’re unsure whether or not this is a good option for you, you’ll want to understand the benefits of this choice. Keep reading to discover how mediation can protect your assets and why you need a Los Angeles divorce attorney to help you navigate this situation.
What Is Mediation?
Mediation is an option that many couples choose to engage in when divorcing, as it can be much less stressful, both emotionally and financially, for each partner. Instead of going to a courtroom and speaking in front of a judge who will divide the assets, the couple meets with a third-party mediator who will facilitate a conversation between the two spouses. The role of the mediator is not to take sides or create their own solution but rather to work with each spouse to create the best option for themselves.
Why Is It Beneficial for My Finances?
Mediation is a great option to protect your finances because it is significantly more affordable than traditional divorce litigation. This is because you do not need to pay an attorney to show up at the courthouse or pay court fees.
Similarly, California is a community property state. This means that each spouse, regardless of their financial contributions to the marriage, will receive an equal split of assets during the divorce. However, mediation allows you the opportunity to negotiate with your partner. You can protect your funds by compromising and giving up other assets like cars or the family home.
Do I Need an Attorney if I Choose Mediation?
While it may seem like you do not need an attorney if you choose mediation, you should still retain the guidance of an experienced lawyer. This is especially true if your spouse has an attorney and their legal representation will attend mediation sessions. Should you and your spouse agree to do mediation without your legal representation present, you can still benefit from discussing your options with an attorney before and after your mediation sessions.
Mediation is also an ideal option for those in high-profile or high-net-worth relationships, as there is no public record of courtroom proceedings. While this small factor may not protect your assets directly, it can protect your reputation, thus shielding your finances from the effects of a public divorce.
When divorce seems imminent, as you have either served or been served papers, contacting an attorney as soon as possible is crucial to protecting your hard-earned assets. At the Zitser Family Law Group, we believe in what’s doing what’s best for your family. Contact us to learn how we can help you, regardless of whether or not you choose mediation.