NJ Divorce Mediation Equitable Distrubition and Living Together

In the last article on the Equitable Mediation Services blog, we focused on how couples can use divorce mediation in NJ to put together an agreement that allows them to manage their parenting plans while they proceed with their divorce at their own pace as given financial pressures, they may wish to delay things for weeks, months or even years.    Today we’re going to focus on the equitable distribution of marital assets and liabilities and what issues couples can resolve while using a NJ divorce mediator to ease the transition of their financial lives during and after divorce.   As we said before, given the times we live in many of the couples we see at Equitable Mediation Services are under severe financial duress and not in a position to proceed right at this very moment but they still want to move things forward so they hire a NJ divorce mediator thinking it’s better to get this over with than to remain in limbo.  But what some couples are relieved to find out is that when they file is completely up to them.   Some people use this as an opportunity to make arrangements regarding their finances to they can get a handle on who will get what as part of the divorce settlement and their Memorandum of Understanding and they can plan their lives for the future.  Then, when they are ready to proceed, they file knowing full well which of the assets and liabilities each of them will have as part of their equitable distribution.

As you know, one of the most difficult things any married couple faces is the sharing of household finances.  Over the years you probably opened numerous joint bank accounts, credit cards, took a mortgage in both of your names, bought property and shared retirement assets through your 401(k) or pension.  All of these items take time to value and divide so coming to see a NJ divorce mediator prior to having the conversation and filing can be a big help in easing your financial transition.  Face it: you can’t have this talk on your own as like the old saying goes: what’s the number one thing couples fight about?  Money! In our time together we will create a balance sheet and budget for both of you as a married couple as well as for your future lives as single people and use that as a the basis for our discussion, dividing assets and liabilities fairly and equitably.  Remember: NJ is not a 50 /50 or community property state but rather an equitable distribution state which allows couples to divide their assets and liabilities as they determine is fair to each party.  We will also order valuations of major assets such as real estate or pensions and factor this in as well as getting these reports takes time and does have a major impact on what one’s bottom line will look like.  We can then put it all together to give each of you a complete financial picture of what you look like as a couple and what you will look like as individuals.

In our next article, we’ll discuss the moves you can make with regard to child support and spousal support / alimony and conversations you can have in order to begin the process of calculating the appropriate amounts of each and planing for your and your children’s financial future.

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If you have any questions about divorce mediation in NJ or how hiring a NJ divorce mediator can benefit you, please feel free to contact Equitable Mediation Services to schedule a free, no-obligation consultation in one of our nine North or Central New Jersey office locations.  Or feel free to visit the Equitable Mediation Services website where you’ll find lots of great information about parenting plans, equitable distribution, NJ child support and spousal support / alimony and contact us when you’re ready.