Wall Street Journal Advises Divorcing Couples In Financial Straits to Consider Mediation

The Wall Street Journal published an article today discussing the increasing number of couples separating and divorcing as a result of financial hardship brought on by the recession. Yet, according to the Journal, the recession also is causing some unhappy couples to rethink their marital situation, since a costly divorce would only further deplete already-shrunken assets.

The Journal advised couples in financial hardship to put off divorcing for as long as possible, to get some form of legal help if you do decide to divorce even if it’s just a consultation, and to be cooperative and realistic in seeking compromise with your soon-to-be ex-spouse.

Mediation was suggested by the Journal as a money-saving option in a divorce:

The cheapest way to divorce is to be cooperative with each other… [In a mediation,] couples reach an agreement with the help of a divorce mediator. A lawyer then writes up the agreement for the couple to sign and take to court… A cooperative divorce likely will result in smaller legal fees — and it allows for more creative solutions regarding the division of assets and child or spousal support.

The Wall Street Journal article can be found here – keeping-finances-afloat-during-a-divorce