How Are My Assets Divided in a Divorce Mediation?
Figuring how marital assets will be divided between spouses is among the hardest and most disputed aspects of a divorce. When dividing marital assets in a Georgia divorce, the state follows the equitable division rules, which means that all marital assets must be split fairly and equitably. However, this does not mean that the division of assets must be equal.
If your divorce case reaches the trial stage, the judge will hear both spouses’ arguments regarding why they believe their marital assets should be split in a certain way. The judge must then issue an order based on their understanding of what’s fair for both spouses. On the other hand, if you opt for divorce mediation, you and your soon-to-be-ex-spouse will have power over the division of marital assets.
Once you’ve agreed on who gets what property, you simply submit the signed agreement to the court. If the judge finds the agreement fair for everyone, it becomes part of your divorce settlement.
Why Consider Divorce Mediation for Dividing Marital Assets
For many divorcing couples, splitting marital assets can be complex and emotional. Divorce mediation provides a safe space for couples to hear each other’s sides. In litigated divorces, assets are given fixed values. In divorce mediation, on the other hand, the values of certain assets are flexible. For example, a mediation lawyer will find common ground if, for example, one spouse loves the art collection and one spouse loves the boat.
Put simply, divorce mediation can make asset division easier and offers divorcing couples various tools to avoid emotional obstacles. Experienced Suwanee, GA, divorce mediation lawyers will assist spouses in prioritizing their goals, minimizing emotionally charged disputes, and ensuring that both spouses’ wishes will be heard.
What Marital Assets Are Divided in Divorce Mediation?
The marital assets that are divided in a divorce mediation normally include the following:
- Joint savings and checking accounts
- The marital home and other real estate the couple owns, including rental property, investment property, etc.
- Joint retirement accounts
- Family partnerships or businesses
- The vehicles
- Life insurance plans, mutual funds, bonds, and stocks
- Pets
- Furniture, jewelry, art collections, or other items of significant value
However, it is vital to note that divorce mediation will only work for couples who are willing to work together and avoid litigation. Otherwise, they will have to fight about all their divorce issues in court. When this happens, the judge will decide on the couple’s contested issues, including how their assets will be split. A downside to this is the possibility that the couple will end up with assets that don’t necessarily meet their interests and wishes.
With divorce mediation, the mediation lawyer will guide couples to come up with creative solutions that are specifically tailored to their unique needs and consider each other’s wishes.
Get Legal Help From a Seasoned Suwanee, GA, Divorce Mediation Lawyer
Reach out to Banks, Stubbs & McFarland today to learn how our experienced Suwanee, GA, divorce mediation lawyer can help you with divorce mediation. Dial 770-945-2320 or reach us online to schedule your consultation with our Suwanee, GA, divorce mediation lawyer today.