Couples stay unhappily married for many reasons, including the cost of a divorce. With divorce costs potentially running into the tens of thousands, many people are afraid that their divorce will lead to a bankruptcy. Considering that divorce is one of the top reasons why people file for bankruptcy, this is a healthy fear.
The lower cost of a mediation is a key reason why many people choose it as an alternative to divorce. While you may have heard that mediation is cheaper, you may be wondering exactly how it can save you money. Here are three common reasons why mediation is often the cheaper option compared to divorce.
How mediation can help your wallet
Mediation offers many benefits compared to a divorce, including:
- No courtroom battle: One of the key benefits of mediation is that both parties can avoid the investment of a courtroom dispute. This means that both parties can avoid paying attorneys' fees and other incidental costs related to divorce litigation.
- Faster turnaround: Depending on the availability of both parties, the average divorce mediation is spread out over a few sessions over one to two months. Mediation is generally faster than a divorce because it does involve a judge or courtroom procedures that can slow down the process.
- More control: In mediation, both parties can negotiate with one another while a mediator acts a neutral party. This direct negotiation allows divorcing couples to focus on their individual finances and needs. Based on this negotiation both parties will come to an agreement without the interference of a third-party.
When to consider mediation
Every separation is different and not everyone qualifies for mediation. Mediation may be the right option if you can work with your ex-spouse to resolve disputes concerning property, custody and other assets. You should contact a mediator to discuss your options and see if mediation is right for you.