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Family Law Mediation is a voluntary process in which a couple meets with a neutral third party to address and resolve issues. Mediation is an alternative to litigation, and one benefit is that it provides a less contentious forum in which to resolve your issues. Mediation often results in a quicker settlement, which is more cost effective than litigation.
When mediating financial issues, parties often ask: “What should I bring to mediation?” And as in many instances, the quick answer is “it depends,” as each couple’s situation is different and can involve unique issues with unique documentation. However, there is certain information that is consistently helpful in mediating financial matters between parties. The information includes:
State and Federal Income Tax Returns;
W-2 statements;
Recent pay stubs;
An end of the year pay stub;
Statements showing income from other sources (i.e., investment income);
Mortgage payoff statements;
Current bank account and brokerage account statements;
Information regarding stocks, bonds, and CD’s;
Information regarding any Restricted Stock Units (together with a vesting schedule);
Current credit card statements;
Payoff information regarding any student loans; and
Any other information regarding the value of assets and debts.
While this list is not exhaustive, it is certainly a good place to start. Understanding income, assets, and debts is crucial to effectively evaluate the aspects of a family law case involving financial issues. The family law mediators at Cohn Lifland understand the importance of gathering and analyzing financial information with parties. Contact us for help if you want to review and effectively negotiate the financial aspects of your family law matters.