Dividing Assets and Liabilities When Using Mediation for Divorce

Over the past few posts in the Equitable Mediation Services blog, we’ve discussed how using mediation for divorce can help couples in New Jersey peacefully divorce.  From the calculation of NJ child support, the creation of a comprehensive parenting plan and even working to agreement on an appropriate amount and duration for spousal support / alimony can all be done when using mediation for divorce.  In this the last article in the series, I’d like to discuss how the dividing of assets and liabilities (also known as equitable distribution) is handled when using mediation for divorce and offer some tips on what documents to begin gathering for those about to begin the process.

As a divorce mediator in NJ, it is my role to help couples work through all of the issues surrounding their divorce and equitable distribution is no exception.  People are often surprised to find that as a NJ divorce mediator I can help them move forward provided they are willing to work together in a collaborative manner and provide each other, as well as myself, with the information needed to make an informed decision.  These items include standard things such as tax returns, pay-stubs and W-2′s and are used to establish a basic level of income.  Then we add to the mix assets and liabilities such as houses, mortgages, credits, cars, auto loans, etc.  and last we seek out unusual items such as antiques, personal property and credit reports to round out the couple’s financial picture. We then use all of this information to produce a set of financial documents which we can use for our equitable distribution discussion.

The key thing to remember is that while equitable distribution is the division of a couple’s marital assets and liabilities, it doesn’t necessarily have to be a “50 / 50″ split.  The true definition of equitable distribution as any NJ couple using mediation for divorce can attest to is to be “fair and equitable” which is a theme that runs through all of the discussions we have in mediation.  Yes the law is important and there are rules that need to be followed but at the end of the day mediation is less about following rigidly what the law says and more about coming to an agreement that works for both of you and your children, when applicable.  Using mediation for divorce will allow you to have the conversations you need to have and gather the information you need to review in order to make an informed decision about equitable distribution or any of the other three main areas of divorce: parenting plans, NJ child support and spousal support / alimony. By working together and crafting an agreement that is unique to your particular situation, not only will you achieve a better long term result but you’ll also save yourself time, headaches and substantial sums of money in the process.

If you have any questions about divorce mediation in NJ using mediation for divorce 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.