In Missouri, as in many other jurisdictions, a financial neutral can play a crucial role in mediation, especially in family law matters such as divorce or child custody. A financial neutral is typically a financial professional, such as an accountant or financial planner, who is neutral and unbiased, and assists the parties and the mediator in reaching a resolution on financial matters. Here are some ways a financial neutral can aid in mediation in Missouri:
- Financial Information Gathering:
- The financial neutral can help gather and organize all relevant financial information, including assets, liabilities, income, and expenses. This ensures that both parties have a comprehensive understanding of the financial landscape.
- Budgeting and Financial Planning:
- Assisting the parties in creating realistic budgets and financial plans based on their individual and family needs. This can be particularly important in divorce cases where there will be a division of assets and potentially changes in income and expenses.
- Valuation of Assets:
- Helping to determine the value of assets such as real estate, businesses, or investments. This is crucial for equitable distribution of property in divorce cases.
- Income Analysis:
- Analyzing and verifying the income of both parties, which is essential for determining support payments, such as alimony or child support.
- Tax Implications:
- Providing information about the tax implications of various financial decisions. This is important as tax considerations can significantly impact the overall financial outcome for both parties.
- Educating Parties:
- Educating the parties about financial matters and helping them understand the potential consequences of different settlement options.
- Facilitating Communication:
- Acting as a neutral third party, the financial neutral can help facilitate communication between the parties on financial issues, reducing tension and promoting a more cooperative atmosphere.
- Generating Financial Options:
- Collaborating with the parties and the mediator to generate creative financial options that meet the needs and concerns of both parties.
- Drafting Financial Agreements:
- Assisting in the drafting of the financial aspects of the mediated agreement to ensure that it accurately reflects the decisions made during the mediation process.
It’s important to note that the specific role of a financial neutral may vary depending on the circumstances of the mediation and the preferences of the parties involved. In Missouri, as in many other places, it’s advisable to work with professionals who are familiar with local laws and regulations to ensure that the mediated agreement is in compliance with legal requirements.
At Raza Family Law Solutions, we practice family law effectively guiding clients through prenuptial and post nuptial agreements, dissolution of marriage, modifications of prior judgments, and resolving child custody disputes. We also help families take a different approach to divorce with mediation and collaborative work. Contact us for a consultation at (314) 314-5505.