Dealing with finances during separation and divorce is a two-step process. The first is to divide the marital assets and debts. The second is to determine what future financial payments are due from one person to the other.
The Divorce Code “Equitable Distribution” law lists 11 factors for consideration when deciding how to divide assets and debts. People often assume the financial division will be an equal 50/50. In fact, many believe that they will need to go to court to get anything else. However, depending on the situation, the law sometimes results in divisions that are 60/40 or higher. During mediation, your Attorney-Mediator will review the 11 factors with each of you, so you have a clear understanding of how the law applies to your situation. They will also help you understand which assets and debts are subject to division and which are not. Finally, they will work with you to divide everything in a way that improves the odds of a secure financial future for both of you.
In the second step, the Attorney-Mediator will guide you through decisions about support payments for your children and alimony payments if appropriate. Those decisions are very critical to the security of both of your financial futures, so they must be made very carefully. Those decisions are discussed more fully in the Q&A on Child Support and Alimony.
Ultimately, the decision on how to divide your household and the amount of spousal support payments is up to you. That’s why people love Alpha’s mediation program: you are in control. We are there to give you guidance and advice, but the final decision is between spouses.
For more information or to schedule a no-fee, no-obligation one-hour consultation, please call 800-310-9085 or chat at www.alpha-divorce.com.
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