Deciding to dissolve your marriage can lead to a series of emotionally distressing events. Not only are you forced to cope with the stress, but also need to make important decisions regarding the division of assets and liabilities. Understandably, you have worked hard to build a life together, bought vehicles and a home, maybe even started a business together, and saw your investments with time. As such, it will not be easy for you to decide how to divide everything without letting your negative emotions cloud your judgment. Instead of handling this issue in court and leaving the division of your hard-earned assets in the hands of a judge, you can opt to settle matters amicably through divorce mediation. Please continue reading to learn how you can use Bristol County Divorce and Family Mediation to divide your marital property and reach a fair settlement.
What is Divorce Mediation?
Divorce mediation refers to the process in which a neutral third party, known as a mediator, facilitates discussion and resolution of any issues arising from divorce to reach a settlement agreement. This is an alternative dispute-resolution mechanism that can bring down the cost and conflict involved in dissolving a marriage. Essentially, this divorce route is way less acrimonious than a trial. The goal of the mediator is to assist in negotiating the terms that will apply to the termination of the marriage while addressing the needs of both parties. Mediation takes place in an informal setting. This allows spouses to openly discuss their interests. However, for this process to be successful, both parties must be willing to cooperate and compromise to resolve the terms that will apply to the termination of the marriage.
How Does Mediation Work to Divide Assets?
When it comes to dividing assets, it’s important to understand that Massachusetts is an equitable state, meaning the court will divide marital assets fairly, though not necessarily equally. If you decide to undergo divorce mediation, mediators will play a critical role in facilitating constructive conversations between couples. They will explore the value of shared assets and debts, taking into account each party’s financial interests and needs, the worth of their separate assets, and their overall financial situation. Generally, both parties will need to provide all relevant financial documents to identify and categorize their assets and debts. Once the current market value of each marital asset is determined, the mediator will facilitate communications, enabling the couple to negotiate a fair distribution of marital assets and debts. If mediation is successful, the mediator will draft a settlement agreement which will be reviewed by the court, and if approved, will be included in the final divorce order.
It’s important to note that mediation is a confidential process. When a divorce is litigated, anything shared becomes a public record. This means that others can easily learn about the personal issues and the amount of assets and property a couple has. As such, divorce mediation allows couples to keep their matters private.
If you are considering divorce mediation, please don’t hesitate to contact The Law Offices of Cynthia L. Hanley, to determine whether this is the right option for you. Connect with our legal team today to learn how we can help you fight for your entitled share of the marital estate.
