When getting divorced, there is a common misconception that every aspect of this process will be bitter and contentious, which is not always the truth. In reality, you’ll find that you may be able to work out your divorce with your spouse to avoid court intervention by opting to mediate your divorce. However, one thing many are unsure of is how asset division works during these matters. If this represents your circumstances, the following blog explores how you and your spouse can handle the division of your property during mediation and why you should connect with a Somerset County divorce attorney for assistance in these matters.
What Is Divorce Mediation?
Divorce mediation is a process in which you and your spouse will meet with a neutral third-party entity to discuss the outcome of your divorce. This allows you greater control over the terms of your divorce instead of letting a judge unfamiliar with your circumstances determine how your divorce will go.
When you go to mediation, the mediator will facilitate a conversation between you and your spouse to help you reach a compromise on different issues for your divorce. It’s important to understand that the role of the mediator is not to choose sides or offer legal advice – they are there to move the conversation along so you and your spouse can work out an agreement.
How Does Asset Division Work During Mediation?
In New Jersey, assets are divided according to a method known as equitable distribution. Essentially, this means the court will step in to split a couple’s marital assets if they cannot decide on how to handle these matters on their own. Through equitable distribution, the court will divide property according to the contributions made by each spouse to the marriage, both financially and domestically. As such, the division of assets shared by a couple may not be equal based on their unique circumstances.
When you and your spouse mediate your divorce, you have increased control over how to divide your assets. Essentially, this gives you the opportunity to negotiate these matters with your spouse. For example, if you want to retain the family home, you can offer assets of equal value, like a bank account and vehicles, in exchange.
To ensure mediation is a fair process, you and your spouse must disclose all marital assets and debts. Hiding assets for a better outcome in your divorce can land you in significant legal trouble.
As you can see, mediation can be an ideal option for couples looking to avoid litigation. If you and your spouse have decided this is the right avenue for you, you’ll want to connect with the team at the Siragusa Law Firm. Our team can advise you of your legal rights during your divorce and review your mediation agreement to ensure it is fair and reflects your best interest. Reach out to our office today to discuss the circumstances of your divorce with a member of our team.
