Over the course of a marriage, couples can accumulate a large amount of marital assets and debts, including homes, cars, savings accounts, businesses, investments, mortgages, and more. If you decide to get a divorce, the prospect of dividing property between you and your spouse may be one of the most daunting parts of the process. However, in many cases, division of property does not have to be an ugly fight. If you and your spouse are willing to communicate and cooperate, you may be able to reach an agreement that works for both of you through divorce mediation.
What Is Divorce Mediation?
Mediation allows divorcing couples to make collaborative decisions about the terms of their divorce agreement, including not only property division, but also child support, spousal support, and parenting time and responsibilities. A neutral, third-party mediator guides the discussion to promote constructive conversations and efficient resolutions, but you and your spouse maintain control over the outcome. Mediation may only be possible if you and your spouse are both interested in cooperative solutions, but when that is the case, mediation can save you the time, money, stress, and lack of privacy that you would face in a trial.
Benefits of Mediation for Division of Assets
When it comes to the distribution of property, mediation makes it possible for you and your spouse to decide upon the assets that are most important to each of you, instead of being bound by the rulings of a judge. For example, if one of you wants to keep your marital home, you may be able to negotiate for one of you to purchase the other’s share of the property. If there are other possessions that each of you holds dear, you can ensure that you maintain those possessions after your divorce. If you have significant assets in retirement accounts, you can discuss a plan to distribute them without facing early withdrawal penalties or excessive taxes. If there is a disparity in income or earning potential between you and your spouse, you can negotiate for spousal support payments to allow for a more equitable distribution....