The first part of the financial mediation will involve the division of your assets and liabilities. Most couples elect to divide things equally, meaning that in the end, each party has the same asset value as the other. During this conversation, the marital home, retirement and investment accounts, automobiles, and all other assets of value are discussed. Any debt such as home mortgages, car loans, and credit cards is also a part of the equation.
Occasionally, there are accounts that are separate property (inheritances, for example) and belong to that party in their entirety. Sometimes there are accounts that have been marital property but have a separate property component. This type of property might be a retirement account that one had prior to the marriage, but had contributions to during the marriage. Part is martially divisible between you and your spouse and part is that owner’s separate property.
Although it might sound a little complicated, rest assured that we have the expertise to help you navigate a fair division of your marital property. Our goal is to help you get what you want while maintaining fairness with your spouse.