In a marriage, equality helps maintain respect and love. However, when respect and love fade, inequality can take over. One spouse might feel trapped, leading to anger and frustration that affects everyone, including the children. If this sounds familiar, know that there are ways to find a fair path forward, especially when financial control is an issue.
What is financial control in marriage?
Financial control in a marriage happens when one spouse has all the power over the money. This can look like one person making all the financial decisions without talking to the other. It could also mean one spouse limits the other’s access to funds or hides assets. This behavior is not healthy and can make a divorce even more complicated. Divorce mediation offers a way to address these issues and work toward a fair resolution.
How can mediation help with financial fairness?
Mediation provides a structured environment where you and your spouse can discuss your finances with a neutral mediator. This person helps guide the conversation and ensures both of you have a chance to speak. Here are some ways mediation can help:
- Identifying all assets: The mediator will help you both list all assets, like bank accounts, investments, and property.
- Determining fair value: You will work together to determine the current value of each asset.
- Negotiating a division: The goal is to find a way to divide everything fairly, keeping in mind each person’s needs.
Mediation can be a more cooperative way to sort out finances than going to court.
What if your spouse is hiding assets?
If you think your spouse is hiding assets, mediation can still help. A mediator can use different strategies to uncover hidden assets. You might need to bring in a financial expert who can look at financial records and find anything that is not obvious. Being honest about finances is important for a fair settlement.
How to protect your financial future?
Mediation can help you create a plan for your financial future after divorce. This includes things like:
- Spousal support: Figuring out if one person will pay support to the other and how much.
- Retirement accounts: Deciding how to divide retirement funds.
- Debt division: Determining who is responsible for which debts.
By addressing these issues in mediation, you can gain more control over your financial future.
Finding closure and moving forward
A relationship that has run its course needs closure and fair settlement. This is especially important when children are involved. Divorce mediation can function as a net to preserve a relationship that was born out of love. It can help both parties and their loved ones move forward.