Long Island Divorce Mediators Help with Division of Marital Property
Firm fosters agreement on plans to distribute assets and liabilities between the parties
The financial uncertainty that accompanies divorce often makes an already tough situation worse. Fighting over marital assets and debts in court doesn’t help the situation, and increases the costs for both parties. Then, you’re forced to live with a judge’s equitable distribution order that takes into account that factors he or she thinks is important. When you work with Solutions Divorce Mediation, Inc. in Melville, you can keep control over the allocation of marital property. We blend a deep understanding of New York law with formidable experience in dispute resolution. Even if you and your ex are far apart on questions such as who gets the family home, our mediators have the ability to bridge the gap and steer you toward a mutually agreeable settlement.
What is marital property?
Once a couple gets married, most assets that are acquired by either spouse are considered marital property unless a valid prenuptial agreement says otherwise. These assets make up the marital estate, which is to be divided during a divorce. New York is not a community property state so if the parties cannot agree on a settlement, the judge will decide what is an equitable distribution. This means the judge decides what is fair, and it will not always be a 50/50 split. Mediation is a useful way to ensure that you won’t be victimized by an unduly harsh judicial decision. We work closely with clients to find creative solutions to disputes and can explain which assets are considered separate property, such as inheritances left to one spouse.
What are considered marital assets?
The marital estate isn’t limited to the house, car and joint bank account. During a divorce, assets that are subject to division include:
- Business interests
- Retirement accounts
- Personal property
- Real estate
You might not expect to use some of these assets for years, or even decades. We can advise on how 401(k) accounts and retirement benefits can be fairly allocated. There might also be disputes about items that fluctuate in value, such as stock holdings or fine art. If needed, we can bring in expert appraisers and can also pinpoint the date of separation that determines the valuation of marital assets.
What are considered marital debts and liabilities?
Debts that are accrued over the course of a marriage must also be addressed in a dissolution proceeding. You might need to determine who will be responsible for marital debts such as:
- Car loans
- Credit card debt
- Student loan debt
As with assets, debt valuation is based on the date the spouses separate.
How a divorce mediator can help
Whether you and your spouse are relatively in agreement on most terms or you seek assistance mediating a complex divorce, we provide the skillful guidance you need to complete a fair, thorough marital settlement agreement. Drawing on decades of experience, our mediators can outline the relevant legal standards and steer you toward a resolution that avoids the time, expense and stress associated with litigation. No matter what your situation involves, you can rely on us to help you reach consensus on key parenting and financial issues so that you can move toward a successful future.
Contact a skillful New York divorce mediator for assistance with property division
Solutions Divorce Mediation, Inc. in Melville assists Long Island clients who are looking to settle their divorce terms outside for court. For a consultation with one of our experienced New York mediators, please call 1.631.683.8172 or contact us online.