Divorce Financial Mediation
Finances are often a major cause of disagreement in a marriage and financial disagreements can lead to divorce if left unresolved. Financial mediation helps those considering divorce and separated couples approach these concerns. It makes the process less stressful and emotional by avoiding lengthy court battles. Disagreements about finance and divorce are understandably emotional and make monetary issues more complex. Therefore, agreeing on a fair property settlement is a difficult part of the divorce process.
Because divorce financial settlements can have lasting effects, more and more Americans are realizing the importance of working with a financial mediator. In fact, a survey conducted by the Institute for Divorce Financial Professionals showed 89% of CDFAs® said their clients contacted them before hiring a divorce lawyer. While a lawyer helps clients understand the legal aspects of divorce, they are not necessarily an expert in finance. Therefore, a financial mediator’s services help the client and attorney understand various settlement options.
The Financial Mediator’s Role
A financial mediator is trained to help clients understand the long-term financial impact of a property settlement. During financial mediation, a divorce mediator does not offer advice. Instead, they provide an unbiased summary of the financial effects of proposed settlements. If you are considering splitting property evenly in half, divorce financial planning will show the long-term consequences of this decision. Sometimes, this proves to be a less equitable, or fair, solution than originally thought. Other settlement options can be considered once this is established.
In addition to offering an impartial look at data, financial mediators help couples reach an outcome in a positive way. Working together is an important part of financial mediation that can save clients time and money. Although divorce is a heated and emotional process, it goes much more quickly with the help of a financial mediator than through lawyers alone.
The Financial Mediation Process
Divorce mediation begins with collecting all the necessary financial information. This includes information about property and assets like retirement accounts, pension plans, stocks, and investment accounts. Then, the mediator creates a complete picture of the client’s or couple’s finances before discussions of property division begin. After that, the financial mediator looks at the settlement and determines the value of assets and long-term effects. Once this step is completed, financial mediation can begin. In summary, a financial mediator who is a CDFA® helps clients understand the long-term financial impacts of a property settlement. Then, all parties work together to come up with the best solution.
Who Does Financial Mediation Help?
A financial adviser helps anyone going through a divorce. All divorce clients can make the best possible financial choices with the help of a financial expert.
An experienced CDFA® will look at finances in an unbiased manner and provide important advice. Additionally, a CDFA® can assist with long-term financial solutions and help you plan for a financially stable future.
Our Financial Mediator
Veralynn Morris, the certified divorce financial analyst (CDFA®) at Divorce Financial Solutions, has been helping clients navigate their financial futures for more than 30 years. Veralynn, with her wealth of experience, is an expert financial mediator. She is certified by the Institute of Divorce Financial Analysts (IDFA™), and has completed court-required certifications. She also builds her expertise by participating in continuing education and training opportunities.
Lawyers retain Veralynn to provide financials and assist as an expert witness. She is also instrumental in helping divorcing parties and their lawyers reach solutions during pre-mediation meetings and scheduled mediations.
Veralynn, has successfully helped numerous clients with financial mediation and is uniquely equipped to help clients navigate their personal financial situation. She provides guidance from a financial standpoint about whether settlements are fair for all involved parties. Additionally, she helps clients understand the pros and cons of various settlement agreements as an unbiased third party. With Veralynn and Divorce Financial Solutions, financial mediation becomes a productive, respectful, and collaborative process. In this way, both parties take an active role in choosing a fair way to divide their assets. As a result, parties are empowered to make educated decisions as to which terms best serve their interests.
She serves clients in Maryland from Frederick, Washington, Allegany, Garrett, Howard, Carroll, Montgomery, Prince Georges, Anne Arundel, St. Mary’s, Baltimore and Harford Counties.
Your CDFA® will become an important part of your advocacy team and will assist your attorney reach the best settlement for you. However, Veralynn Morris and Divorce Financial Solutions are not lawyers and do not offer legal services. Their financial mediation services are not a substitute for the services of an attorney. If you are seeking legal advice regarding a divorce, please consult an attorney. We are able to provide you with referrals to lawyers in your area upon request. Remember, a trained CDFA® provides financial solutions and advice, not legal services.