Dividing assets and debts is one of the most tedious parts of finalizing a divorce. First, the couple’s marital and separate property must be identified. Marital property usually includes assets and debts that were obtained during the marriage. Separate property commonly includes gifts, inheritances, or property that was obtained prior to the marriage. All of the couple’s assets and debts must be properly valued so that a fair and equitable distribution of these items may be accomplished. Many couples have chosen to mediate their property settlements in Houston TX. Mediating property settlements in Houston TX allows the parties to work together to divide their property, rather than send dozens of letters back and forth between their attorneys over the course of several months.
Prior to mediation, the parties should check their records to confirm that all supporting documentation has been obtained. Such documentation may include mortgage statements, account balances, and appraisals. The mediator will help the parties figure out how the property should be divided.
If the parties do not have detailed information about every asset or debt, it does not mean that mediation will be unsuccessful. For example, perhaps the marital home has not been appraised in several years. The parties may settle the division of remaining assets and debts at mediation. After mediation, the home may be appraised, and, if necessary, the parties could participate in a short mediation session to discuss the home.
Traditionally, property division was accomplished by a judge’s order, or by settlement negotiations between the parties and their attorneys that lasted for several months. With mediation, however, the parties have a voice in how their property is divided, and the process may be completed in a single day. Mediation allows the parties to finalize their case faster and more efficiently.