SlideShare a Scribd company logo
1 of 17
Download to read offline
Divorce - Property Division and
Mediation
Table of Contents
 Three Great Ways to Split the House after a Divorce.
 Four Tips on How to Prepare For Divorce Mediation.
 Three Wrong Notions Most People Believe About Property Division in A
Divorce.
Three Great Ways to Split the House after a Divorce
In the event of divorce, one of the major issues that arise is splitting the most significant asset
between you and your ex own fairly.
No doubt, tax implications of a home sale and lifestyle plans are part of the decision-making
processes in a divorce; there is no way you can dodge the tax and financial consequences.
But, what if I told you there are stress-free ways to splitting a house after a divorce occurs.
Here’s the catch:
We have listed three effective ways that work for most people. Keep reading. You would find
out.
1. Purchase your Ex-Spouse’s half of the House
The only way a buyout works is if you qualify for a new mortgage, or you have the money at
hand.
In reality, the amount you pay your ex-spouse does not have to be the exact amount of half
value of your home. What happens is that you will take the larger portion of the savings while
your spouse gets less than half the home price.
To find out the value of your home, it is best to contact a real estate professional to get an
accurate and recent price opinion. You can also pay an appraiser to value your home, but do
not rely on an online estimate to evaluate your home.
If you opt for this option, you have to ensure you have a written proof that your ex-spouse paid
off existing home-equity lines or mortgage. The reason for the document is to prove that you
are no longer responsible for the debt.
The good news:
There is a possibility that you will not owe any capital gain taxes when you sell half of your
house as part of a divorce.
2. Retain the House and Take Turns Living There
There are cases where a family chooses to maintain the same house after the divorce. The
children would reside in the original home while the parents take turns to live with the
children.
In such cases, the parents agree to deduct and share the expenses such as property taxes and
mortgage interest between each other.
It is important to note that you can only deduct mortgage interest if you are obligated to pay
from a mortgage or you own the home.
What’s more?
Keeping the house and taking turns residing there; give the impression that you and your ex-
spouse are great parents because the kids are put first.
3. Keep the House until the Children Move Out, Then Sell It
There are cases where one parent chooses to remain in the home with the children while the
ex-partner moved out of the house after the divorce. The moment the children move out, the
parents sell the home and divide the profit.
If by any chance, one of the spouses moved out and the person has not lived in the house for
two years in the past five years, there is a possibility of owing taxes on the profit gotten from
selling the home.
As long as your divorce agreement highlights your plans to sell your home, the IRS will regard
it as meeting the two-out-of-five-year residence rule.
The Perfect Thing To Do
It is best to get an experienced property lawyer who would help you carry out a comprehensive
research and get the right allocation you desire.
Four Tips on How to Prepare For Divorce Mediation
The decision to divorce is one long and difficult road.
However, if you have made up your mind to go down this road, it is best to have a detailed
plan that would help your transition smooth.
What if we told you that there is something you can do to get the best outcome you desire.
What is it anyway?
Mediation is the answer. The idea behind mediation is reaching an agreement that works for
your life.
The agreement also involves you not spending your children’s college fund on attorney fees.
What is more?
You do not get to spend significant time or stress in court. Keep reading. You will get four tips
on how to prepare for divorce mediation.
1. Accept To Mediate
First off, in most states, divorce mediation is voluntary; the best way to table all the issues is to
agree to mediate.
For the mediation to be effective, both parties need to have a meaningful conversation.
However, this does not imply that you and your spouse have to be buddies.
Before you agree to mediate, it is necessary to go over the advantages and disadvantages that
are involved before you proceed.
Other questions such as logistics, how the fees would be split, what dates and times you need
to commit to the sessions, and more are necessary to ask before proceeding with the whole
process.
2. Get Organized
Putting things in order is the next thing after you have agreed to mediate. Since it is not the
mediator’s job to determine what to do with what you have, it is crucial to make a list of all
your assets and possessions.
Some of the things you should include are retirement accounts, financial products, vehicles, all
real property, life insurance policies, personal properties, etc. In summary, do not leave any
stone unturned—include everything you own.
Other records that could also come in handy include pension disbursements, child support
payment, social security, paystubs, etc. Expenses like utilities, food, mortgage payments, credit
card payments, car loans, and others should be included.
It is crucial to consult with an attorney or check your local rules for financial affidavit during
the dissolution process.
3. Set Your Goals
The moment you have a comprehensive list, you have to decide what you want to do. No
doubt, the process can be tasking; you have to make out time to figure out what is most and
least important to you.
You will have to create a list on things you will love to get, things you can negotiate, and
essential things you cannot leave behind.
While you are at it, draft a budget and make a projection. The projection gives you an idea of
your post-divorce budget.
4. Have Your Kids in Mind
Divorce is usually hard on children; it is best to communicate what is happening to them
regardless of their ages after all it affects their lives too. Both parents must agree and talk to the
children together.
The process will not be easy on your children; you have to help them through the process by
providing a loving, positive, and stable environment.
You also have to consider where your kids will spend most of their time.
Three Wrong Notions Most People Believe About
Property Division in A Divorce
In the US, different states handle the division of marital assets and liabilities when a divorce
occurs.
Knowing how the property and debts are divided in a divorce is one thing; it is another thing to
know which property is meant to be distributed.
The marital property is usually the one subject to division in a divorce, while the non-marital
or separate property is not.
In other words, only the property acquired by the couple during the marriage is liable for the
division.
It sounds simple:
Well, as simple as it may appear, there are a lot of misconceptions when it comes to the
property sharing process in divorce—that is why we are going to be thrashing them out in this
article.
Here, we have listed three common myths about property division in a divorce. Hang in there;
you will find out.
1. “Equitable Property” Means the Property is shared Equal
This myth is quite popular amongst a lot of people who get their divorce done in court.
They always believe that they have a 50/50 possession of their marital property when the judge
rules for an equitable distribution—what they do not know is that it means the judge will
weigh the case based on certain factors called the Ruff-Fischer guidelines.
The guidelines were first setup in a 1952 case involving Ruff v. Ruff; it was later modified in
1966 in the case of Fischer v. Fischer.
The factors require the judge to consider: the earning ability of the parties, their respective
ages, their physical and health condition, the length of the marriage and conduct of the two
parties while they were still married, amongst others.
Based on the above factors, the court will strive to make an equitable division, not necessarily
sharing the property equally—sometimes, it is not a win-win for both parties.
2. “During The Marriage” Is The DURATION Between The Wedding And Divorce
There is a lot of assumption that the period between the wedding and the divorce is represented
as “during the marriage.”
But here is the kicker:
The law does not see it in that way. In some states, the court gives the divorcing couple the
chance to pick the date of valuation of the marital property.
However, the court has the right to annul the valuation date if it is unable to agree with the
proposed time picked by either of the divorcing couples or both.
In such cases, the court goes ahead to choose a date.
So, does this mean anything?
Yes, it does—because some assets can face a drastic fluctuation in value to the date alteration.
3. If I Owned It Before Marriage, Then It is Mine Forever
It may sound unfair, but it is an absolute fact: property owned by a party before marriage is not
excluded from consideration, valuation, and sharing.
Except in a case where the assets of one party were excluded beforehand by a premarital
agreement, all the assets owned by both parties, gotten individually or jointly, are placed on the
table for sharing.
Final Word—How NOT To Be Caught Unawares
For you to avoid any surprises, it is best to get the help of a professional and experienced
property division lawyer—who will go ahead of you to do all the necessary research and
findings—so, you can be adequately defended in court and get your desired assets.
The End
Read more at https://www.eidelmanassoc.com/articles/

More Related Content

What's hot

10.most.common.money.mistakes.in.divorce
10.most.common.money.mistakes.in.divorce10.most.common.money.mistakes.in.divorce
10.most.common.money.mistakes.in.divorceJerald Schragen
 
Legal Divorce
Legal DivorceLegal Divorce
Legal Divorcelegal6
 
The Cost of Divorce: What You Should Know
The Cost of Divorce: What You Should KnowThe Cost of Divorce: What You Should Know
The Cost of Divorce: What You Should KnowGoldberg Jones
 
Marriage divorce annulment ppt
Marriage divorce annulment pptMarriage divorce annulment ppt
Marriage divorce annulment pptMsDailey
 
Dealing with divorce
Dealing with divorceDealing with divorce
Dealing with divorceBill Hurlbut
 
Parental Responsibilities
Parental ResponsibilitiesParental Responsibilities
Parental ResponsibilitiesFedRalcon
 
Asset & Debt Division in Divorce
Asset & Debt Division in DivorceAsset & Debt Division in Divorce
Asset & Debt Division in DivorceFedRalcon
 
Spousal support-maintenance-p pshow 2015
Spousal support-maintenance-p pshow 2015Spousal support-maintenance-p pshow 2015
Spousal support-maintenance-p pshow 2015FedRalcon
 
Legal Wills
Legal WillsLegal Wills
Legal Willslegal4
 
Refocussing: Financial Planning and Divorce
Refocussing: Financial Planning and DivorceRefocussing: Financial Planning and Divorce
Refocussing: Financial Planning and DivorceShannon Boschy
 
Avoiding 10 common mistakes in drafting a will 2014
Avoiding 10 common mistakes in drafting a will 2014Avoiding 10 common mistakes in drafting a will 2014
Avoiding 10 common mistakes in drafting a will 2014Daniel Timins Esq., CFP®
 
Cohabitation Presentation with definitions and case studies
Cohabitation Presentation with definitions and case studiesCohabitation Presentation with definitions and case studies
Cohabitation Presentation with definitions and case studiesRozCrowley
 
Summary Dissolution: The Quick Answer to Divorce Woes?
Summary Dissolution: The Quick Answer to Divorce Woes?Summary Dissolution: The Quick Answer to Divorce Woes?
Summary Dissolution: The Quick Answer to Divorce Woes?Goldberg Jones
 

What's hot (19)

10.most.common.money.mistakes.in.divorce
10.most.common.money.mistakes.in.divorce10.most.common.money.mistakes.in.divorce
10.most.common.money.mistakes.in.divorce
 
Legal Divorce
Legal DivorceLegal Divorce
Legal Divorce
 
The Cost of Divorce: What You Should Know
The Cost of Divorce: What You Should KnowThe Cost of Divorce: What You Should Know
The Cost of Divorce: What You Should Know
 
Marriage divorce annulment ppt
Marriage divorce annulment pptMarriage divorce annulment ppt
Marriage divorce annulment ppt
 
Dealing with divorce
Dealing with divorceDealing with divorce
Dealing with divorce
 
No Fault Divorce Vs Fault Divorce
No Fault Divorce Vs Fault DivorceNo Fault Divorce Vs Fault Divorce
No Fault Divorce Vs Fault Divorce
 
Parental Responsibilities
Parental ResponsibilitiesParental Responsibilities
Parental Responsibilities
 
Asset & Debt Division in Divorce
Asset & Debt Division in DivorceAsset & Debt Division in Divorce
Asset & Debt Division in Divorce
 
Spousal support-maintenance-p pshow 2015
Spousal support-maintenance-p pshow 2015Spousal support-maintenance-p pshow 2015
Spousal support-maintenance-p pshow 2015
 
Types of Divorce
Types of DivorceTypes of Divorce
Types of Divorce
 
Legal Wills
Legal WillsLegal Wills
Legal Wills
 
Refocussing: Financial Planning and Divorce
Refocussing: Financial Planning and DivorceRefocussing: Financial Planning and Divorce
Refocussing: Financial Planning and Divorce
 
The new bc family law act
The new bc family law actThe new bc family law act
The new bc family law act
 
Avoiding 10 common mistakes in drafting a will 2014
Avoiding 10 common mistakes in drafting a will 2014Avoiding 10 common mistakes in drafting a will 2014
Avoiding 10 common mistakes in drafting a will 2014
 
Cohabitation Presentation with definitions and case studies
Cohabitation Presentation with definitions and case studiesCohabitation Presentation with definitions and case studies
Cohabitation Presentation with definitions and case studies
 
Top 10 Reasons To Have A Will
Top 10 Reasons To Have A WillTop 10 Reasons To Have A Will
Top 10 Reasons To Have A Will
 
Family Law
Family LawFamily Law
Family Law
 
Summary Dissolution: The Quick Answer to Divorce Woes?
Summary Dissolution: The Quick Answer to Divorce Woes?Summary Dissolution: The Quick Answer to Divorce Woes?
Summary Dissolution: The Quick Answer to Divorce Woes?
 
Australian Family Law
Australian Family LawAustralian Family Law
Australian Family Law
 

Similar to Divorce Mediation and Property Division Guide

BM_Relationship Breakdown
BM_Relationship BreakdownBM_Relationship Breakdown
BM_Relationship BreakdownNaim Qureshi
 
10 Ways to Prepare Before Divorce
10 Ways to Prepare Before Divorce10 Ways to Prepare Before Divorce
10 Ways to Prepare Before DivorceGoldberg Jones
 
Divorce Myths: 10 Common Fictions Debunked
Divorce Myths: 10 Common Fictions DebunkedDivorce Myths: 10 Common Fictions Debunked
Divorce Myths: 10 Common Fictions DebunkedGoldberg Jones
 
Final estate-planning
Final estate-planningFinal estate-planning
Final estate-planningRoger Owens
 
The OHL Wire ISSUE 14: New Parents Must Not Put Off Estate Planning
The OHL Wire ISSUE 14: New Parents Must Not Put Off Estate PlanningThe OHL Wire ISSUE 14: New Parents Must Not Put Off Estate Planning
The OHL Wire ISSUE 14: New Parents Must Not Put Off Estate PlanningChristine Hui Jun Zhong
 
Peace making.com
Peace making.comPeace making.com
Peace making.comknadeemarif
 
Peace making.com
Peace making.comPeace making.com
Peace making.comkentamores
 
Marriage divorce annulment ppt
Marriage divorce annulment pptMarriage divorce annulment ppt
Marriage divorce annulment pptMsDailey
 
Spring 2016 Newsletter
Spring 2016 NewsletterSpring 2016 Newsletter
Spring 2016 NewsletterRob Hagy
 
Women, in Estate Planning, You Are the Last Resort
Women, in Estate Planning, You Are the Last ResortWomen, in Estate Planning, You Are the Last Resort
Women, in Estate Planning, You Are the Last ResortDolf Dunn
 
How Major Purchases Can Hijack Your Divorce
How Major Purchases Can Hijack Your DivorceHow Major Purchases Can Hijack Your Divorce
How Major Purchases Can Hijack Your DivorceGoldberg Jones
 
The Divorce Legal Process: A Step by Step Guide on How to Divorce
The Divorce Legal Process: A Step by Step Guide on How to DivorceThe Divorce Legal Process: A Step by Step Guide on How to Divorce
The Divorce Legal Process: A Step by Step Guide on How to DivorceIBB Law
 

Similar to Divorce Mediation and Property Division Guide (19)

ABC`s of Divorce
ABC`s of DivorceABC`s of Divorce
ABC`s of Divorce
 
BM_Relationship Breakdown
BM_Relationship BreakdownBM_Relationship Breakdown
BM_Relationship Breakdown
 
10 Ways to Prepare Before Divorce
10 Ways to Prepare Before Divorce10 Ways to Prepare Before Divorce
10 Ways to Prepare Before Divorce
 
Divorce Myths: 10 Common Fictions Debunked
Divorce Myths: 10 Common Fictions DebunkedDivorce Myths: 10 Common Fictions Debunked
Divorce Myths: 10 Common Fictions Debunked
 
Final estate-planning
Final estate-planningFinal estate-planning
Final estate-planning
 
BM_No Nup
BM_No NupBM_No Nup
BM_No Nup
 
The OHL Wire ISSUE 14: New Parents Must Not Put Off Estate Planning
The OHL Wire ISSUE 14: New Parents Must Not Put Off Estate PlanningThe OHL Wire ISSUE 14: New Parents Must Not Put Off Estate Planning
The OHL Wire ISSUE 14: New Parents Must Not Put Off Estate Planning
 
Peace making.com
Peace making.comPeace making.com
Peace making.com
 
Peace making.com
Peace making.comPeace making.com
Peace making.com
 
3 Good Reasons for Women to use Private Family Dispute Resolution
3 Good Reasons for Women to use Private Family Dispute Resolution3 Good Reasons for Women to use Private Family Dispute Resolution
3 Good Reasons for Women to use Private Family Dispute Resolution
 
Marriage divorce annulment ppt
Marriage divorce annulment pptMarriage divorce annulment ppt
Marriage divorce annulment ppt
 
FAQ
FAQFAQ
FAQ
 
Spring 2016 Newsletter
Spring 2016 NewsletterSpring 2016 Newsletter
Spring 2016 Newsletter
 
7 FAQs About Prenuptial Agreements
7 FAQs About Prenuptial Agreements7 FAQs About Prenuptial Agreements
7 FAQs About Prenuptial Agreements
 
Things to consider when writing your Will.
Things to consider when writing your Will.Things to consider when writing your Will.
Things to consider when writing your Will.
 
Women, in Estate Planning, You Are the Last Resort
Women, in Estate Planning, You Are the Last ResortWomen, in Estate Planning, You Are the Last Resort
Women, in Estate Planning, You Are the Last Resort
 
How Major Purchases Can Hijack Your Divorce
How Major Purchases Can Hijack Your DivorceHow Major Purchases Can Hijack Your Divorce
How Major Purchases Can Hijack Your Divorce
 
The gray-divorce
The gray-divorceThe gray-divorce
The gray-divorce
 
The Divorce Legal Process: A Step by Step Guide on How to Divorce
The Divorce Legal Process: A Step by Step Guide on How to DivorceThe Divorce Legal Process: A Step by Step Guide on How to Divorce
The Divorce Legal Process: A Step by Step Guide on How to Divorce
 

Recently uploaded

Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...Rich Bergeron
 
Amit Kumar Kachhap vs Sangeeta Toppo.pdf
Amit Kumar Kachhap vs Sangeeta Toppo.pdfAmit Kumar Kachhap vs Sangeeta Toppo.pdf
Amit Kumar Kachhap vs Sangeeta Toppo.pdfadvsudhirdhc
 
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLCTrustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLCFlatiron Legal Advisors, LLC
 
How to Grant the Greek Power of Attorney
How to Grant the Greek Power of AttorneyHow to Grant the Greek Power of Attorney
How to Grant the Greek Power of AttorneyBridgeWest.eu
 
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...Diamond959916
 
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment CaseTown of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment CaseRich Bergeron
 
Town of Haverhill's Motion for Summary Judgment on DTC Counterclaims
Town of Haverhill's Motion for Summary Judgment on DTC CounterclaimsTown of Haverhill's Motion for Summary Judgment on DTC Counterclaims
Town of Haverhill's Motion for Summary Judgment on DTC CounterclaimsRich Bergeron
 
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...Rich Bergeron
 
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened toENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened toirenelavilla52178
 
Smarp snapshot 200 -- Google Cloud Next '24
Smarp snapshot 200 -- Google Cloud Next '24Smarp snapshot 200 -- Google Cloud Next '24
Smarp snapshot 200 -- Google Cloud Next '24Jong Hyuk Choi
 
Appointment of Auditors Made For Firm
Appointment  of  Auditors  Made For FirmAppointment  of  Auditors  Made For Firm
Appointment of Auditors Made For FirmEbizfilingIndia
 
Power Point Obligations and contracts Article 1313-1327
Power Point Obligations and contracts Article 1313-1327Power Point Obligations and contracts Article 1313-1327
Power Point Obligations and contracts Article 1313-1327bariajenne
 
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdfAshutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdfVidit Agrawal
 

Recently uploaded (14)

Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
Town of Haverhill's Statement of Facts for Summary Judgment on Counterclaims ...
 
Amit Kumar Kachhap vs Sangeeta Toppo.pdf
Amit Kumar Kachhap vs Sangeeta Toppo.pdfAmit Kumar Kachhap vs Sangeeta Toppo.pdf
Amit Kumar Kachhap vs Sangeeta Toppo.pdf
 
Nayoga Protocol by Author - Tushar Avinash Bagal A33.pptx
Nayoga Protocol  by Author - Tushar Avinash Bagal A33.pptxNayoga Protocol  by Author - Tushar Avinash Bagal A33.pptx
Nayoga Protocol by Author - Tushar Avinash Bagal A33.pptx
 
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLCTrustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
Trustworthy Estate Planning in Colorado from Flatiron Legal Advisors, LLC
 
How to Grant the Greek Power of Attorney
How to Grant the Greek Power of AttorneyHow to Grant the Greek Power of Attorney
How to Grant the Greek Power of Attorney
 
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
Anti-Online Sexual Abuse or Exploitation of Children (OSAEC) and Anti-Child S...
 
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment CaseTown of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
Town of Haverhill's Summary Judgment Motion for Declaratory Judgment Case
 
Town of Haverhill's Motion for Summary Judgment on DTC Counterclaims
Town of Haverhill's Motion for Summary Judgment on DTC CounterclaimsTown of Haverhill's Motion for Summary Judgment on DTC Counterclaims
Town of Haverhill's Motion for Summary Judgment on DTC Counterclaims
 
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
Town of Haverhill's Statement of Material Facts For Declaratory Judgment Moti...
 
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened toENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
ENG7-Q4-MOD3. determine the worth of ideas mentioned in the text listened to
 
Smarp snapshot 200 -- Google Cloud Next '24
Smarp snapshot 200 -- Google Cloud Next '24Smarp snapshot 200 -- Google Cloud Next '24
Smarp snapshot 200 -- Google Cloud Next '24
 
Appointment of Auditors Made For Firm
Appointment  of  Auditors  Made For FirmAppointment  of  Auditors  Made For Firm
Appointment of Auditors Made For Firm
 
Power Point Obligations and contracts Article 1313-1327
Power Point Obligations and contracts Article 1313-1327Power Point Obligations and contracts Article 1313-1327
Power Point Obligations and contracts Article 1313-1327
 
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdfAshutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
Ashutosh Yadav v. State of UP 22nd March, 2024 All HC.pdf
 

Divorce Mediation and Property Division Guide

  • 1. Divorce - Property Division and Mediation
  • 2. Table of Contents  Three Great Ways to Split the House after a Divorce.  Four Tips on How to Prepare For Divorce Mediation.  Three Wrong Notions Most People Believe About Property Division in A Divorce.
  • 3. Three Great Ways to Split the House after a Divorce In the event of divorce, one of the major issues that arise is splitting the most significant asset between you and your ex own fairly. No doubt, tax implications of a home sale and lifestyle plans are part of the decision-making processes in a divorce; there is no way you can dodge the tax and financial consequences. But, what if I told you there are stress-free ways to splitting a house after a divorce occurs. Here’s the catch: We have listed three effective ways that work for most people. Keep reading. You would find out.
  • 4. 1. Purchase your Ex-Spouse’s half of the House The only way a buyout works is if you qualify for a new mortgage, or you have the money at hand. In reality, the amount you pay your ex-spouse does not have to be the exact amount of half value of your home. What happens is that you will take the larger portion of the savings while your spouse gets less than half the home price. To find out the value of your home, it is best to contact a real estate professional to get an accurate and recent price opinion. You can also pay an appraiser to value your home, but do not rely on an online estimate to evaluate your home.
  • 5. If you opt for this option, you have to ensure you have a written proof that your ex-spouse paid off existing home-equity lines or mortgage. The reason for the document is to prove that you are no longer responsible for the debt. The good news: There is a possibility that you will not owe any capital gain taxes when you sell half of your house as part of a divorce.
  • 6. 2. Retain the House and Take Turns Living There There are cases where a family chooses to maintain the same house after the divorce. The children would reside in the original home while the parents take turns to live with the children. In such cases, the parents agree to deduct and share the expenses such as property taxes and mortgage interest between each other. It is important to note that you can only deduct mortgage interest if you are obligated to pay from a mortgage or you own the home. What’s more? Keeping the house and taking turns residing there; give the impression that you and your ex- spouse are great parents because the kids are put first.
  • 7. 3. Keep the House until the Children Move Out, Then Sell It There are cases where one parent chooses to remain in the home with the children while the ex-partner moved out of the house after the divorce. The moment the children move out, the parents sell the home and divide the profit. If by any chance, one of the spouses moved out and the person has not lived in the house for two years in the past five years, there is a possibility of owing taxes on the profit gotten from selling the home. As long as your divorce agreement highlights your plans to sell your home, the IRS will regard it as meeting the two-out-of-five-year residence rule. The Perfect Thing To Do It is best to get an experienced property lawyer who would help you carry out a comprehensive research and get the right allocation you desire.
  • 8. Four Tips on How to Prepare For Divorce Mediation The decision to divorce is one long and difficult road. However, if you have made up your mind to go down this road, it is best to have a detailed plan that would help your transition smooth. What if we told you that there is something you can do to get the best outcome you desire. What is it anyway? Mediation is the answer. The idea behind mediation is reaching an agreement that works for your life. The agreement also involves you not spending your children’s college fund on attorney fees. What is more? You do not get to spend significant time or stress in court. Keep reading. You will get four tips on how to prepare for divorce mediation.
  • 9. 1. Accept To Mediate First off, in most states, divorce mediation is voluntary; the best way to table all the issues is to agree to mediate. For the mediation to be effective, both parties need to have a meaningful conversation. However, this does not imply that you and your spouse have to be buddies. Before you agree to mediate, it is necessary to go over the advantages and disadvantages that are involved before you proceed. Other questions such as logistics, how the fees would be split, what dates and times you need to commit to the sessions, and more are necessary to ask before proceeding with the whole process.
  • 10. 2. Get Organized Putting things in order is the next thing after you have agreed to mediate. Since it is not the mediator’s job to determine what to do with what you have, it is crucial to make a list of all your assets and possessions. Some of the things you should include are retirement accounts, financial products, vehicles, all real property, life insurance policies, personal properties, etc. In summary, do not leave any stone unturned—include everything you own. Other records that could also come in handy include pension disbursements, child support payment, social security, paystubs, etc. Expenses like utilities, food, mortgage payments, credit card payments, car loans, and others should be included. It is crucial to consult with an attorney or check your local rules for financial affidavit during the dissolution process.
  • 11. 3. Set Your Goals The moment you have a comprehensive list, you have to decide what you want to do. No doubt, the process can be tasking; you have to make out time to figure out what is most and least important to you. You will have to create a list on things you will love to get, things you can negotiate, and essential things you cannot leave behind. While you are at it, draft a budget and make a projection. The projection gives you an idea of your post-divorce budget.
  • 12. 4. Have Your Kids in Mind Divorce is usually hard on children; it is best to communicate what is happening to them regardless of their ages after all it affects their lives too. Both parents must agree and talk to the children together. The process will not be easy on your children; you have to help them through the process by providing a loving, positive, and stable environment. You also have to consider where your kids will spend most of their time.
  • 13. Three Wrong Notions Most People Believe About Property Division in A Divorce In the US, different states handle the division of marital assets and liabilities when a divorce occurs. Knowing how the property and debts are divided in a divorce is one thing; it is another thing to know which property is meant to be distributed. The marital property is usually the one subject to division in a divorce, while the non-marital or separate property is not. In other words, only the property acquired by the couple during the marriage is liable for the division. It sounds simple: Well, as simple as it may appear, there are a lot of misconceptions when it comes to the property sharing process in divorce—that is why we are going to be thrashing them out in this article. Here, we have listed three common myths about property division in a divorce. Hang in there; you will find out.
  • 14. 1. “Equitable Property” Means the Property is shared Equal This myth is quite popular amongst a lot of people who get their divorce done in court. They always believe that they have a 50/50 possession of their marital property when the judge rules for an equitable distribution—what they do not know is that it means the judge will weigh the case based on certain factors called the Ruff-Fischer guidelines. The guidelines were first setup in a 1952 case involving Ruff v. Ruff; it was later modified in 1966 in the case of Fischer v. Fischer. The factors require the judge to consider: the earning ability of the parties, their respective ages, their physical and health condition, the length of the marriage and conduct of the two parties while they were still married, amongst others. Based on the above factors, the court will strive to make an equitable division, not necessarily sharing the property equally—sometimes, it is not a win-win for both parties.
  • 15. 2. “During The Marriage” Is The DURATION Between The Wedding And Divorce There is a lot of assumption that the period between the wedding and the divorce is represented as “during the marriage.” But here is the kicker: The law does not see it in that way. In some states, the court gives the divorcing couple the chance to pick the date of valuation of the marital property. However, the court has the right to annul the valuation date if it is unable to agree with the proposed time picked by either of the divorcing couples or both. In such cases, the court goes ahead to choose a date. So, does this mean anything? Yes, it does—because some assets can face a drastic fluctuation in value to the date alteration.
  • 16. 3. If I Owned It Before Marriage, Then It is Mine Forever It may sound unfair, but it is an absolute fact: property owned by a party before marriage is not excluded from consideration, valuation, and sharing. Except in a case where the assets of one party were excluded beforehand by a premarital agreement, all the assets owned by both parties, gotten individually or jointly, are placed on the table for sharing. Final Word—How NOT To Be Caught Unawares For you to avoid any surprises, it is best to get the help of a professional and experienced property division lawyer—who will go ahead of you to do all the necessary research and findings—so, you can be adequately defended in court and get your desired assets.
  • 17. The End Read more at https://www.eidelmanassoc.com/articles/