Mediation can be used to help couples find solutions to the challenge of dividing property in a divorce agreement. The mediation process will give you both an opportunity to discuss your issues and interests. Many couples with significant assets actually prefer mediation because of the privacy it affords them.
Early in the process of property division, you will need to provide a financial statement on a form created by the Massachusetts family court. This information will be shared with your spouse. It’s important that you complete the financial statement accurately.
The financial statement will also help you understand what your income and expenses are and what your expenses will be going forward.
To ensure the fairness of a property settlement agreement, it’s critical that ALL of a couple’s assets be identified and valued prior to the property division mediation. Providing an accurate accounting of marital assets does not mean that you will lose personal assets … only that they will be considered along with everything else that may be valued as part of a property division.
- Some of the assets that need to be included in the financial disclosure are:
- The marital home, other real estate and time shares
- Bank accounts
- The family silver or the coin collection
- Boats and vehicles
- Furnishings
- The contents of a safety deposit box
- Investment portfolios and brokerage accounts
- Inheritances and future inheritances
- IRA/401Ks/403Bs and pensions, some of which may require the use of a QDRO or DRO to effect a division
- Family businesses
Marital debts need to be accounted for as well
- Car loans
- Credit card debt
- Student loans
- Medical debt
- Loans or debt from a family business
If your family finances are complex, you may wish to work with a CPA, investment advisor, or other financial experts that you regularly use to manage your affairs. If there are questions about the value of things, like antiques or art, valuation experts may be needed. If you are participating in divorce mediation, these financial advisors may accompany you to mediation.
To learn more about marital property division during divorce, contact Divorce and Family Mediation Services or call 617-750-9709 to schedule a free initial consultation at our Quincy or Hingham office.