ANSWER: Couples CAN BE creative in mediation in terms of dividing assets. However, the agreement must be “fair and reasonable”, taking into account each couple’s specific situation. Some of the factors that a court must consider when making a division include ages, future employment potentials, abilities to acquire income and assets in the future and…
Do couples need to exchange financial information about their changing finances while their children are growing up?
ANSWER: Couples are given the option of including in their Agreements, provisions that deal with changing future finances and give them the ability to modify the child support amount when changes occur. These provisions usually call for a periodic exchange of financial information such as tax returns and W-2 forms.
What happens if the incomes of parents go up or down during the time they are supporting their children?
ANSWER: All child support orders are modifiable based upon a material change in circumstance. Mediated agreements often provide the couple with the ability to review and modify their support order in the event of a significant change in financial circumstances, and may do so without resorting to the adversarial process.