Dividing marital property is a lengthy process that can be very complex, especially when there are considerable assets involved. When you are going into the mediation sessions for these assets, you need to be sure that you are properly prepared. One important rule that you should always remember is that nothing is certain when it comes to property division until the paperwork is completed at the end of the process.
Your mediation process has to start before you head into the first session. You need to have a complete accounting of the assets and debts that you will have to discuss. Review these in the comfort of your own home so that you can think about how you want to handle each one. Ideally, you will narrow down the list of assets you want to fight for to a few so that you can focus on those.
As you are going over the list, you must be realistic. Not all the assets that you obtained in the marriage are going to be in your best interests to keep. Look at the overall cost of hanging onto each one. Think about how they will impact your budget. You don’t need to start your new life off under a bunch of stress because of money.
Another planning aspect of this situation is that you need to ensure that you aren’t going to need to make a large purchase until the divorce is over. You will likely have a financial restraining order placed on you when the divorce is filed. Once this is in place, you will need to have a court order or have a written agreement to make any large purchases.
Remember that the property division process is a chance for you to get on the best financial footing possible. Think carefully about your options during this time so that you can do what’s best for your needs.
