In Ohio, approximately 12% of the population gets a divorce. Many of these divorce hearings are not a simple parting of ways in any means. When a couple gets married, so do their assets; divorce mediation attempts to find a middle ground and a way to divide joint assets.
By enlisting the aid of a mediation lawyer, you can try to peacefully dissolve the marriage and separate your assets. Family law mediators focus more on seeking a simple resolution than dragging a former spouse through the court system.
Keep reading to learn why you need a divorce mediation attorney and how you can prepare for your divorce mediation.
Why You Need a Divorce Mediation Attorney
Mediation has been growing in popularity as a method to dissolve a marriage. Divorce mediation includes a neutral third party; in this case, a skilled attorney who can ensure that neither party acts with malice to gain the upper hand.
Your attorney can also assist you with filing all of the necessary legal paperwork once you and your spouse reach a middle ground on the division of assets.
The Benefit of Using Family Law Mediators
Family law divorce mediation provides a gentle and productive approach for navigating a divorce. Additionally, a divorce mediator is already knowledgeable about the law and discusses this if you request.
Divorce Mediation Checklist
When you are going through divorce mediation, you will want to create a divorce mediation checklist template to ensure that you are fully prepared to go into your mediation. Mediations prioritize productivity, so coming ready will allow you to know what to ask for in divorce mediation.
Divorce mediation costs will vary based on how many sessions and hours are spent doing mediation. However, this is still a more affordable solution than traditional divorce litigation.
The mediator will create a Memorandum of Understanding which memorializes your agreements with your spouse. You will then hire an attorney to create a Separation Agreement which will reflect the agreements you made in mediation. Your attorney will then submit the Separation Agreement to the Court. Once submitted to the court, this document becomes legally binding. This agreement will address child custody, marital property, division of assets, debts, and support.
If you and your spouse negotiated and signed a prenuptial agreement, you would need to bring that documents to your mediation as well. This will help establish some pre-decided divisions of property.
Keeping a record of your taxes is essential for keeping your finances organized.
Proof of Income
The mediator needs to understand the financial position that each party will be in once the marriage dissolves. For example, if one party is the breadwinner, they may submit to paying alimony or child support. Providing proof of income in mediation also helps you understand what your financial situation will be looking like after the divorce is settled.
Valuation of Assets
You and your partner likely shared a joint bank account to purchase some significant assets during your marriage. These assets, such as property, vehicles, and a home, need to be valued or the parties may agree upon a value should they not want to get a valuation. During mediation, divorcing parties rarely want to liquify all of their assets and divide up the money. This is where a mediator can help to create a fair division of joint assets.
Separate bank accounts do not necessarily protect your money in case of a divorce. Your mediation will include a thorough analysis of all assets, so this will consist of investment portfolios, savings, and checking accounts.
Mediators assist the parties on deciding how accounts should be divided while keeping both parties’ best interests in mind.
Insurance does not seem as if it would be significantly tied to divorce proceedings. An added benefit of enlisting a skilled family law mediator in divorce mediation is their experience dealing with issues like this, which may not be their primary focus during a divorce.
If you were on your spouse’s health insurance plan from work, you must be removed from the program when the divorce is finalized while your children may remain on the plan.
Appraisals for High Ticket Items
In many cases, high ticket items such as antiques or jewelry get overlooked. Withholding any sentimental items with a significant value will be viewed as dishonest in a mediation. When you and your spouse are going through mediation, you must not withhold the valuation of any assets.
Understandably heirlooms hold a more profound value than what they are appraised for. This is one of the benefits of using a mediator; you will get to discuss why the value of these pieces is different from that of a liquefiable asset.
Prepare for Your Divorce Mediation
As you embark on your journey with divorce mediation, it is crucial to approach the table with an open mind and be willing to make some sacrifices. Family law mediators want to make the divorce process as painless and fair as possible.
By hiring a divorce mediation attorney, you can ensure that all assets and custody agreements will be reviewed with critical legal expertise. Contact us to learn more about how you can hire a mediation lawyer.