.Even when you and your former spouse have an amicable divorce, you'll need to be prepared when it comes to divorce mediation. The length of your marriage, your marital assets and the debts of your marriage will all play a role in what you are entitled to when it comes to dividing up your property. In addition, if you have children together, you'll need to come up with a custody and visitation plan that works for everyone. While you may want to walk into mediation and simply agree to whatever your ex wants, you need to know what is rightfully yours and what obligations you can be expected to meet once your divorce is over.
Know What Your Marital Assets Are
Marital assets are those that were accumulated during the marriage. Things you purchased together, such as a house, and bank accounts you put money in during the course of the marriage are considered marital assets. If your spouse received an inheritance during your marriage, this is generally considered separate property. If your spouse shared the money inherited by putting it into a joint bank account, the money deposited becomes a marital asset. The money you or your spouse paid into a retirement account, for example, while the two of you were married, becomes marital property.
Be Prepared for Your Share of Marital Debt
You may be surprised at the amount of marital debt you and your spouse have. Credit cards, car loans, house payments and more can all be part of your overall debt picture. If you live in a community property state, your assets and debt will be divided up in equal shares. If you live in an equitable distribution state, both your assets and debt will be divided into what is deemed as fair. This can end up to be an equal split, but there's more room for negotiation in an equitable distribution state for the spouse who makes a lot less money.
Know What You Want for Custody and Visitation
One of the first things any couple should do when divorcing is to set up a custody and visitation schedule for the children. Getting the children used to a new routine will help them feel settled. Know what you want and what you will settle for. It's hard to change a custody and visitation schedule once it is set, so it's important to only settle for what is acceptable to you.
For more information, check out a company like The Divorce Company today!Share