Support, Assets and Debt

When divorce is imminent, it's time to think about support, assets, and debt and how they will be fairly disseminated between the two parties. In addition to child custody issues which tops the list of concerns related to divorce, the topic of assets and debt is next on the agenda. Mediation is one of the best ways to resolve issues related to dividing property and assets between couples. It allows both spouses to come to the table to express the wants, desires, needs, and preferences in a friendly environment. Rather than hassling with lawyers and being intimidated by innuendo and legal proceedings, both parties work toward an amicable decision that is fair and provides each person with as much as possible of what they desire. Imagine the issues surrounding couples who are grappling with:
  • Both parents desire the child dependency tax deduction
  • The credit card debt encompasses both personal and family business debt
  • One spouse brought into the marriage from the outset
  • Extended family members paid a substantial portion of the down payment on the marital home
  • The wife's income was significantly more than the husband during the majority of the marriage
  • A stay-at-home mom has dedicated 15 years of her life to caring for the couple's children while forgoing a career
  • Huge credit card bills are looming because one spouse has over-spent for the past five years
  • The marital home is financially "underwater"
These are just a few of the hundreds of situations that exist for couples facing divorce. While the answer seems obvious to one party, it is often difficult for the other spouse to see the best way to divide assets or property. Once a mediation expert sits down with the couple and helps them sort through the specifics, identifies what's important to each spouse, and clarifies the benefits and drawbacks of various options, the answer becomes much clearer to both parties. Assets such 401K’s and other financial holdings are complicated to understand and divide. Credit card debt or car loans can be challenging to divide, especially if funds are limited. We work with clients to develop creative and workable solution to split the financial assets and burdens. We offer access to expert resources including financial specialists who have expertise specific to your unique needs. Resolving issues and making decisions together in a harmonious environment is most likely to result in both parties getting most of what they want out of the situation. Instead of a winner and loser, this is a win-win situation for both. Why?
  • Decisions are reached together based on the best interests of both parties
  • Both parties are able to express their wants, needs, desires, and fears in a friendly environment
  • Each spouse better understands the other person's viewpoint
  • Each person makes concessions in a give-and-take process that allows them both to 'win'
  • Both individuals feel that they have been heard and their concerns are understood and respected
  • The result is less stress and anxiety for each person - allowing them to move forward more quickly
If you are facing divorce and are wondering if mediation is right for you, then give us a call and we'll discuss options with you. Finding a more expedient and less financially burdening solution to your situation is just a phone call away.