Financial Mediation. A divorce financial mediator who is both a CPA and CDFA will help you prepare and document your required disclosures, characterize your property and debt as to community or separate and then help you value and then divide that property and debt. The financial mediator will also use sophisticated, tax-effected financial planning software to determine the financial impact of any child and/or spousal support options on each of your cash-flows and help you each create a realistic divorce financial plan with estimates of each of your future individual incomes and expenses. If you own real estate, you should engage an independent outside appraiser unless you have had a recent appraisal.
Prior to the first meeting, the mediator will provide you each with a list of documents to compile and future expected budgets to fill out. Once you have compiled the needed information and completed your expected budgets, you will email your information to the financial mediator who will review it and populate sophisticated divorce financial planning software with your information. Then, in a series of three two-hour sessions, you and your spouse will meet together with the financial mediator either in-person or by video-conference to review your information and documentation, create your disclosures, characterize your property as to community or separate, value your property and divide it. Once done, the financial mediator will facilitate a discussion about child and spousal support using each of your estimated financial incomes and budgets to produce financial projections of your financial need and/or ability to pay.
In the first meeting, the financial mediator will print off each of your required preliminary disclosure forms based on the asset and debt information you each have provided and review with you the forms and the documentation supporting them. You will then exchange the forms and sign – indicating that you each have received the other’s declarations. In the second two-hour meeting, the mediator will discuss the nature community and separate property and debt and the various ways its can be valued. The mediator will then facilitate your division of that property and debt. In the third two-hour meeting, the financial mediator will facilitate a discussion about child and spousal support using each of your estimated financial incomes and budgets to produce financial projections of your financial need and/or ability to pay.
Once you and your spouse have agreed on a preliminary division of your property and debt and agreed on tentative child and/or spousal support, your and your spouse will meet together either in-person or by video-conference with the financial mediator and an attorney mediator to review your tentative agreement. The attorney mediator discuss your legal rights and responsibilities and what the law says and does not say about divorce in California so that you both are informed.
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