In a mediated divorce when there is no judge ordering a division of our property, how does a divorcing couple divide their finances and property?
For most couples, the division of financial assets and debt is the scariest issue when contemplating divorce. The harsh reality is that most families experience at least a temporary period of financial regrouping as they work through becoming accustomed to working with a changed set of income and expenses. The goal of the mediation process is to help spouses maximize the family’s financial situation as they establish two households. The division of assets needs to be fair and meet the individual needs of the family, but does not need to be a strict 50/50 split. This includes the division of pension funds and inheritances. State law provides guidance in this area, setting out several factors which are to be taken into account when assets and liabilities are divided in a divorce, among them are the length of the marriage, how long the couple has owned the property/debt, and how this property was used by the couple. Mediators understand these guidelines and help couples divide their property in light of these guidelines. Mediation allows couples to stay in control of the terms of their agreement, arriving at division which makes sense for them.
Mediators are familiar with state guidelines for spousal support and child support. The attorneys Ms. O hEigeartaigh retains will work with clients to divide pension funds and prepare the necessary QDRO paperwork for the court.