Lani Baron, Divorce Mediator in Orange County Discusses The Benefits of Working with Financial Professionals in Divorce Mediation:
As a divorce mediator in Orange County, I have the benefit of working with many professional couples. These couples are usually working in corporate jobs and have been doing a very diligent job of saving for retirement over the years. Depending on their type of employment, their retirement and savings accounts usually range from pensions, to 401k’s and IRA’s. This is excellent in terms of providing for their futures. However, in divorce mediation, it may complicate things.
First, if either or both spouses began contributing to these accounts prior to the marriage, there may be a separate property portion of this account. Second, there are different tax consequences that can occur depending on the type of asset. When we add real estate and other assets into the mix and we are trying to make trades based on the values of these things, the water can get a little muddied.
At Alternative Divorce Solutions, we often work closely with financial professionals to assist us through these issues. We work with Certified Divorce Financial Analysts, who can examine retirement accounts and help inform our clients on how to equally divide these assets. We also work with neutral accountants (CPA’s and Forensics) who can assist us in analyzing the tax implications of certain decisions, as well as help us value businesses and other complicated assets.
While divorce mediation is a more informal process than court, it is still necessary to have the right information before making financial decisions. As it is, our divorce mediation clients are already in an emotional state when they are navigating their way through the divorce mediation process. As divorce mediators, it is our job to make sure that our clients have the information they need readily available to create some ease in the decision making process.
At Alternative Divorce Solutions, we believe that information is key to making decisions that both parties feel happy and comfortable with. If you need a divorce mediator in Orange County, contact us today to find out more about how we can help you.