Divorce is often a challenging process. When two lives have been intertwined through marriage, untangling the web can be overwhelming and emotionally draining, particularly when it comes to dividing marital assets. Across the country, divorce mediation has become a popular alternative to litigation, offering various benefits to couples who are splitting up. If you are getting a divorce it is important to understand how mediation will handle asset division. Contact an experienced Sparta property distribution attorney for more information and skilled representation.
What is Mediation?
Divorce mediation is a process where a neutral third-party mediator assists a couple in reaching an agreement on various aspects of their divorce. Many decisions need to be made when a couple ends their marriage, including assets division, child custody, child support, alimony, and more. Unlike traditional litigation where a judge makes these decisions for the couple, mediation allows the pair to communicate openly and work together to find solutions that work for everyone involved. The couple will negotiate on all relevant issues and the mediator will act as a guide, steering them through the conversation, keeping them on track, and ensuring both voices are heard.
How Does Divorce Mediation Handle Asset Division?
New Jersey is an equitable distribution state for divorces. This means that marital assets are divided fairly but not necessarily equally. During mediation, the couple can determine what is fair to them and come up with a unique solution.
In general, the process of asset division during mediation is as follows.
- Discovery: Each couple will gather all relevant information regarding their assets and liabilities. This will include financial statements like bank accounts, income statements, property valuations, etc.
- Categorizing: With the help of the mediator, the couple will organize the information and categorize it based on joint or separate property.
- Valuation: Each asset will be appraised to determine the market value.
- Negotiations: With the mediator facilitating, the couple will negotiate what assets and amounts they want until they reach a fair agreement. Keep in mind that all decisions made during mediation are made by the couple only. The mediator has no decision-making power.
- Finalize the agreement: Once an agreement has been made, the mediator will draft a document outlining the terms which can be reviewed by both parties’ legal representation. They will then sign and submit the agreement to the court.
It is crucial that you come up with a fair and equitable agreement when dividing property and liabilities. Protecting your interests and assets is important, especially when entering the next chapter of your life.
Consult an attorney at Paris P. Eliades Law Firm, LLC to discuss legal representation during your divorce and learn if mediation is the right path for you.
