Property division is a crucial component of a divorce. It affects both parties as well as their financial statuses and futures. With the right mediator and open communication, property division and other decisions can be expertly handled through divorce mediation. Work with a Suffolk County property distribution lawyer to learn more about your rights and options during the divorce process. Call now to set up your free consultation.
What is Mediation?
Mediation is a conflict resolution strategy that has recently become a popular option for couples getting a divorce. In mediation, the pair will meet with a neutral third party who will act as the mediator. During these sessions, the mediator will help guide conversations and negotiations on various issues related to the divorce like spousal support, asset division, child custody, etc. Unlike in a court where the judge makes the decisions, mediation places the power back in the hands of the couple. Only the two spouses can make final decisions regarding the details of an agreement.
How is Property Division Handled During Divorce Mediation?
Property division during mediation is handled similarly to how it would be in a court setting. The first step is for both spouses to collect and report all financial information. All assets must be disclosed including bank accounts, retirement accounts, income, real estate, and other personal property.
Once all assets have been accounted for, the couple and mediator will determine which property is subject to division. Generally, only marital assets are divided while separate property remains with each respective spouse. Marital property refers to any assets acquired during the marriage or that both spouses contributed to in some way.
The marital property that is to be divided must then be evaluated to determine its value. This can be done with the help of economic professionals. Negotiations can take place after all information has been gathered.
In New York, marital property is not automatically divided in half with 50% designated for each spouse. Instead, the state operates under equitable distribution laws, meaning that assets are distributed equitably based on what is fair. Keeping this in mind, the couple can negotiate how to divide their assets and create an individualized agreement unique to suit their needs. The mediator will help facilitate the negotiation process.
When a satisfactory agreement has been reached, the mediator will draft a settlement agreement that each party can review with their legal representation. It will be signed and submitted to the court where a judge will determine if it is fair and meets the state’s requirements. It will then be entered into the divorce judgment and finalized.
Mediation provides couples with a collaborative approach to handling property division. It allows them to communicate and work together to reach an agreement that is fair and unique to their needs and circumstances. Speak to a lawyer to discuss mediation and determine if it is the right choice for your divorce.
