In New Jersey, mediation has become one of the most utilized ways to get a divorce. With various benefits, it’s no wonder that people who can set aside their negative emotions are turning to this alternative dispute resolution method to end their marriage. However, many are unaware of how asset division is handled through this process. If this reflects your circumstances, please continue reading to learn how asset division works in mediation and why turning to Monmouth County Mediation for help during these matters is in your best interest.
What is Divorce Mediation?
Divorce mediation is a collaborative process in which you and your spouse will meet with a neutral third party, known as a mediator, to discuss marital issues and work towards an agreement. Through this non-adversarial process, you can avoid litigation and retain more control over the terms that will apply to the termination of your marriage, instead of allowing a judge who is unfamiliar with your circumstances to determine the outcome of your divorce.
When you meet with the mediator, they will guide conversations between you and your spouse, offering compromises to resolve your disputed issues and negotiate fair terms. It’s important to note that the mediator doesn’t represent either side, pass down decisions, offer legal advice, or reveal confidences. The mediator will not impose a solution but rather guide discussions to reach an amicable decision regarding the terms of the divorce. However, both parties must be willing to work together for this process to be successful.
How Does Asset Division Work in Mediation?
First, it’s important to understand that assets are divided in accordance with the principle of equitable distribution in New Jersey. Essentially, this means a couple’s marital assets will be divided fairly, though not necessarily equally. In a traditional divorce, the court will divide property according to the contributions made by each party, both financially and domestically. When you decide to mediate your divorce, you will retain more control over the division of your property. The mediator will guide you and your spouse toward the fair distribution of assets as you are afforded much more flexibility. You can negotiate these matters. For instance, if you want to keep the family home, you can offer assets of equal market value in exchange for a balanced division of assets.
If you are interested in learning more about this process or believe that mediation would fit your situation, please don’t hesitate to contact a knowledgeable attorney who can help you get through your divorce the best we can. Connect with Paone Zaleski & Murphy today so our legal team can help ensure your mediation agreement is fair and reflects your best interests.
