The closer retirement, the more important it is to manage resources. It takes a lifetime of planning for the years when more monies will go out than will be earned.
For most couples, their plans for retirement are meshed. When kids are young, there are often dreams about what an empty nest will feel like. When it finally comes, thoughts often move ahead to the time when leisure will dominate.
No couple plans for a divorce. They are too busy working, saving, managing the household and just living life. But recent statistics show that separation and divorce is growing more quickly among mature couples. There are many theories, including the one that says the “baby boomers” are a generation that feels a strong entitlement to their lifestyle choices. This is the generation that is now spiking divorce rates.
The math is simple the closer you are to retirement. There is less time to save and a longer time to spend. Preserving the nest egg means splitting it up in a way that will bring the most benefit to each person. And spending it on a fight means less for everyone.
Mediation is a very useful process when maintaining resources is paramount. Here are some good reasons for engaging a good mediator to help you work out your separation agreement:
- It is better for your kids (imagine how hard it is for grown kids to see their family change)
- It is your process and you can control cost and timelines
- It is confidential
- It gives you the chance to leave the process with an ongoing relationship to maintain a healthy family
- The mediator along with a financial partner will make sure you understand what your financial future looks like and will offer you the opportunity to make market adjustments as necessary
- You will be given the opportunity to work on your future, not to fight about your past
- Mediation has been around for decades and has a proven track record of success
- It is something you can both agree on