“I Didn't Know You Could Mediate That!”

“I didn’t know you could mediate that” is a phrase I often hear from people when I list the many situations in which mediation can be a valuable option. Perhaps the one that surprises most is prenuptial mediation.

Prenuptial agreements can be very useful in certain circumstances, such as when one spouse or both owns and operates a business or when there are anticipated future inheritances or interests in trusts. However, it is not only financial issues that can be dealt with in a prenup. For example, when one or both parties are entering into a second or third marriage and have children from earlier unions. As these situations can involve complex legal and financial issues, the parties are advised to have counsel well versed in divorce, business, and tax law, as well as estate planning.

It is not unusual for the “more-moneyed” spouse having been advised by a financial planner, attorney, friend or family member to get a prenup outlined. This can create, of course, a situation of a power imbalance putting the “less-moneyed” spouse in potential jeopardy. For this reason alone, it is so important to have a skilled and sensitive mediator.

Mediators who conduct prenup sessions typically begin by having the parties develop a complete inventory of their individual financial situation. The mediator will encourage the parties to consider the process as an opportunity to develop a financial plan for their marriage that not only protects the assets of one party, but also protects the security of the other. Mediators report that parties in prenup discussions generally enjoy the session and find it supports their relationship and future plans. After the mediation the parties’ attorneys would be asked to prepare appropriate documents.

Please note: None of the above should be taken as legal advice. Consult with your attorney to determine if this an appropriate option.

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