Divorce is always a painful process. Splitting assets for its cash value is often a difficult end to a relationship that did not work out. Emotions run high, even in an amicable divorce. Being prepared is the best way to ensure both parties receive their fair share of the marital assets and debts. Listing shared properties of value, dividing properties with written evaluations by a neutral party and listing all goals for the divorce mediation are important to avoid costly mistakes.
List All Items of Value
Every couple has items of value. A family home is a piece of real property. Vehicles, jewelry, family heirlooms and furniture may all have monetary value. Family businesses or savings and retirement accounts are part of the marital assets as well. Credit card or loan debt is part of the equation too. These items are all part of the property settlement for the divorce. Dividing them equitably between the parties is the goal of mediation. Having a list of all valued property makes division easier and ensures both parties receive their fair share.
Evaluating the Property
Massachusetts is an equitable division state when dividing marital assets. If the property is kept by one party, the other party may deserve their share of the equity. If selling property, both parties will usually receive an equal amount and if not equal, certainly an equitable amount based on the circumstances of each case. Written evaluations by a neutral third-party are invaluable to the mediation. This helps establish actual values and equity of the property. It keeps the mediation on a successful track for both parties.
Bring a Written List of Goals
Mediation is a process consisting of a neutral forum for negotiating an agreement. It is important for each person to know their goals. Writing them down gives a person the opportunity to ensure they reach their goals. Referring to a list of assets and debts subject to being divided, their values and amounts ensures nothing is forgotten in the final mediated agreement.
Mediation is often a cost-effective way for couples to divide their assets and debts. Being prepared for the mediation is the best way to achieve a fair settlement in a timely fashion for both parties. If you are considering divorce mediation, please call me to learn more.