One of the most difficult aspects of divorcing is trying to get a sense for what the future might look like. During divorce mediation sessions, the couple works through their shared and/or individual finances. They have to: one of the required documents, which both people need to complete and submit to the Court, is a Financial Statement. Although the completion of this form is tedious and time-consuming, it can also serve as a perfect opportunity to look critically at the money coming in and the money going out. And having this information is critical when the divorcing couple begins to make decisions about the division of their marital assets and division of their marital debt.
I have always been a proponent of the notion that the more information you have, the better the decisions you can make. The Financial Statements ask for a lot of information, and therefore, there is the unique chance to make better decisions when all that financial information is gathered, recorded, and at the fingertips of the people who will be directly affected by the choices they make.
It is true that a crystal ball might be helpful, but reasonable people know that there’s no real magic in that orb. Getting divorced well doesn’t rely upon wishes and guesses and fingers-crossed. Getting divorced well relies on compiling all relevant information so that fact-based choices can be made in order to create a fair and equitable agreement.