Divorcing in New Jersey is a painful process. It can also be a lot more expensive than a couple first realizes. Not only can they lose a lot of their shared possessions during the split, but they may also need to pay for legal fees, quiet titles, moving and refinancing loans. Mediation may not save a couple money on all of these expenses. Still, there are some ways that it helps to reduce the overall financial burden.
To save money through mediation, USA Today recommends getting a head start on the divorce process. Couples may start by listing their expectations of what they intend to get out of mediation. They may also decide what is the least amount they would settle for from the negotiation process. It is important for them to remember that both people may need to sacrifice some of what they built together, regardless of economic disparities between the two.
MarketWatch advises that the best way to keep divorce costs low is to avoid going to trial, which is one of the main perks of a mediator. In these instances, the third-party mediator plays a neutral role to help both exes reach an amicable agreement. Whether couples go to trial or not, it is important to remember the important role finances play in the split. Each spouse needs to gather all financial records for asset distribution.
When couples own property jointly, they may wish to either sell the property and split the income or allow one person to buy out the other. In other instances, one spouse may want the property in place of some of the monetary value due. To do this, couples need to decide on the value of the property. Couples often go through appraisers for this but these are expensive. By agreeing on the value of the property, they may save a lot of money.
If both parties come to an early and amicable agreement, they may reduce the amount of time personally lost on the divorce process. It may also lower the expenses spent on hiring professionals for various services along the way.