Determining how your assets will be divided is one of the most challenging aspects of any divorce. However, this may come easier in the mediation process than in the litigation process. To learn more about how you can reach a fair asset division agreement outside of the courtroom setting, continue reading and see how an experienced York County, PA divorce mediation attorney at Ilkhanoff & Silverstein can serve as your divorce mediator.
Can assets be divided using the divorce mediation method?
Put simply, mediation is a divorce method that will allow you and your spouse to negotiate your issues to come to a settlement agreement. Notably, this negotiation is done outside of the courtroom. Instead, an unbiased third party listens to both your concerns and helps you reach an amicable decision. If you prefer, this third party may be a divorce attorney.
That said, divorce mediation will allow you and your spouse to divide your assets without the guidance of a judge. In turn, you and your spouse will maintain control over how your property and debts are divided.
It is important to note that this method is only possible if you and your spouse are willing and able to work amicably together. If not, you will need to battle it out in the presence of a Pennsylvania family law court, and with this, it is impossible to predict the outcome. A Pennsylvania judge will make the asset division decisions on your behalf, and the odds are that neither you nor your spouse will wind up with what meets all your needs and interests.
What types of assets can be divided using the divorce mediation method?
The assets that can be divided during a divorce, including a mediated divorce, are fairly standard. The list reads as follows:
- Your and your spouse’s family home or any other real estate (i.e., investment property, rental property).
- Your and your spouse’s joint bank accounts.
- Your and your spouse’s joint retirement accounts.
- Your and your spouse’s family businesses or partnerships.
- Your and your spouse’s automobiles.
- Your and your spouse’s life insurance policies, stocks and bonds, mutual funds, etc.
- Your and your spouse’s household goods of significant value (i.e., jewelry).
And if you and your spouse cannot resolve any of the above, you will have to take the matter to a Pennsylvania court. The court will use Pennsylvania law surrounding the equitable distribution of marital property to finalize your settlement.
If you are going through a mediated divorce and wish to speak with an attorney about your division of assets, do not hesitate in contacting a skilled York County, PA property division attorney at your earliest convenience.
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