Mediation is an alternative divorce method that allows you and your former spouse to negotiate and settle all your divorce-related terms in the presence of a neutral, third-party mediator. This is opposed to a New Jersey family court making a final judgment on these agreements on your behalf. Read on to discover how mediation can protect your assets and how one of the seasoned property distribution attorneys in West New York, NJ can serve as your mediator.
How are assets distributed in mediation?
For your divorce mediation to be successful, you must agree on all the divorce-related terms, whether it be spousal support, child support, child custody, or asset distribution. This is because if you disagree on just one issue, you and your former spouse may have to enter a contested divorce and attend litigation proceedings.
With that being said, you and your former spouse will have to resolve the following questions when it comes to distributing your marital assets:
- How will our properties be divided?
- How will our motor vehicles be divided?
- How will our high-value personal items (i.e., artwork, collectibles, jewelry, etc.) be divided?
- How will our joint bank account be divided?
- How will our retirement plans be divided?
- How will our personal debts be divided?
Though this may seem difficult to do, it is possible if you and your former spouse remain amicable.
Is it possible for mediation to protect my assets?
Mediation can protect your assets in many different ways. For one, since you and your former spouse will have control over your asset distribution, you can negotiate a settlement agreement that allows you to keep your assets. This is different than litigation proceedings, where this settlement agreement would be left in the hands of the New Jersey family court, which would potentially have you lose many or all of your desired assets.
Additionally, a mediator can work on your behalf in protecting your assets. That is, they will listen to both positions, suggest resolutions that are fair and equitable, and ultimately offer guidance on how the New Jersey family court will likely rule on the assets at hand.
And lastly, choosing mediation can protect your assets from being spent on lengthy and costly litigation proceedings.
In the end, if you require assistance with protecting your assets in your divorce proceedings, then you must retain the services of one of the competent family law attorneys in West New York, NJ.
We can not only serve as your mediator, but we can help you and your former spouse avoid a contested divorce at all costs. So, whenever you are ready, pick up the phone and give us a call.