You may be leaning toward handling your divorce via mediation so as to maintain control over how your divorce-related terms will be settled. While this may be viewed as a significant benefit with this alternative divorce method, with more control comes more responsibility. Further, you may begin feeling the mounting pressure of being primarily accountable for how your assets will be split up between you and your soon-to-be former spouse. Well, follow along to find out how to manage asset division in mediation and how a proficient Bergen County equitable distribution attorney at McNerney & McAuliffe can offer their legal services during this pivotal time.
How can I go about asset division in mediation?
As you may already know, your divorce mediation proceedings will not involve interference by a New Jersey family judge. And while you may hire an attorney to serve as your mediator, they are simply supposed to act as a neutral third party. Meaning, they cannot and will not give you a final direction on how your assets are to be divided.
With that being said, you and your former spouse must amicably work together to comb through your marital assets one by one and assign them accordingly. Once everything has a rightful owner, your mediation will draw up an agreement that you and your former spouse must both sign. This agreement will then be submitted to the court and become a part of your final divorce order. Importantly, even if you only disagree on a single asset, this is enough to turn your mediated divorce into a litigated divorce.
What types of assets must I remember during the mediation process?
For one, you must not leave any assets off the table during your mediation sessions. This is regardless of your fear that your former spouse will fight to take it away from you. It is illegal to do so, and you may face serious consequences if you get caught. Secondly, you must not forget to divide your marital debts appropriately, in addition to your marital assets. Without further ado, below is a general guideline of marital assets and debts to be considered during the mediation process:
- Your and your former spouse’s real estate properties and motor vehicles.
- Your and your former spouse’s household furnishings, artwork, and other collectibles.
- Your and your former spouse’s joint checking accounts, savings accounts, and investments.
- Your and your former spouse’s outstanding educational loans, personal loans, and consumer debts.
- Your and your former spouse’s typical monthly expenses (i.e., mortgages, insurance, childcare, etc).
To learn more about how to go about asset division in mediation, please get in touch with a talented Bergen County family law attorney from McNerney & McAuliffe. Better yet, schedule your initial consultation with our firm today.
