Before you hire a mediator for your divorce in Colorado, you should consider the following:
1) Gather investments and bank statements for at least the last year.
2) Copy tax returns for income and investment history.
3) Pull your credit report to review your debt history and status.
4) Open an individual bank account.
5) Consider getting a credit card in only your name if you do not have one.
Once the divorce discussion has occurred:
1) Get help. IF you are both agreeable to using a mediator, go to one session to see if this process can work for you both. If it does, you will save tens of thousands of dollars using a mediator instead of two individual lawyers.
2) Look for a mediator with legal, financial and tax planning background who can assist you both in working through the financial options in your case.
3) Be strategic in your financial settlement decisions. Although keeping the marital home is often very desirable, you may end up cash strapped to live. Often, selling the home is the best financial option for both parties.
4) Do not forget to consider the kids financial needs such as uninsured medical expenses, extracurricular activity expenses, dental care, etc.
5) Life insurance should be considered for both parties to protect the children.
After you have split and finalized your agreement do not forget:
1) Draft a new will.
2) Make a new financial plan for moving forward with your life.
3) Review your tax withholdings and possible liability, especially if you are receiving spousal support which is taxable although no taxes are withheld.
4) Review your insurance policies for life, health, auto, and home to be sure the proper parties are listed and the coverage is sufficient.
If you have questions, please do not hesitate to call Scott Baroway at Mediation Partners at 720-300-5987 at your convenience.