How Does Mediation Handle Property Division?

When you and your spouse divorce, whether the decision is mutual or not, there are likely differences between how you wish to proceed. If you cannot reach an agreement, you may decide to try mediation to work out the details of your divorce. One worry many have is how property division is handled during these matters. If this reflects your circumstances, you’ll want to keep reading to learn how mediation works and why connecting with New Jersey property division attorneys is critical during these matters.

How Does Mediation Work?

Mediation is a process in which you and your spouse will meet with a neutral third party to negotiate the details of your divorce. Unlike traditional divorce litigation, you and your spouse will work together to compromise the outcome of your divorce. Matters you will discuss include property division, alimony, and other personal matters at hand.

When you and your spouse attend mediation, it’s important to understand what to expect. The mediator is not there to take sides in the matter or offer any legal advice. Instead, they are there to facilitate a conversation and offer solutions that are fair for both parties.

Choosing to mediate your divorce offers you and your spouse greater control of how your property is divided during your divorce. Rather than presenting your case to a judge, you and your spouse can work things out over a period of mediation sessions to ensure you feel as though you are heard and represented during this process.

What Should I Know About Property Division During This Process?

Many are unsure how property division is handled during these matters. However, it’s important to understand that there are many different options for the outcome.

First and foremost, you and your spouse must disclose all your personal and marital assets to ensure neither party is hiding assets to receive a more favorable outcome in the divisions. Once you have disclosed, you can begin negotiating how that property will be divided.

For example, if you and your spouse want to keep the family home, you may agree that whichever party is granted custody of the children will receive the home, while the other will receive assets of equal value. Another option would be to sell the family home and split the value if you truly cannot decide who will remain on the property. The main focus of mediation is finding a solution that works for you and your spouse.

As you can see, mediation can be a complicated process that requires legal guidance to navigate. Even though you and your spouse are working with a mediator, ensuring you have an attorney to help represent your interests and review any legal agreements before you sign them is critical. At Haber Silver Russoniello & Dunn, we understand how devastating a divorce can be, which is why our firm is ready to assist you. Contact us today for more information.