phone469-406-4320

address2329 Coit Road, Suite B, Plano, TX 75075

Plano property division mediatorEnding your marriage will require you and your spouse to make many decisions about how you will separate your lives from each other. Since you have most likely accumulated multiple different types of property during your marriage, determining how to divide your money and assets may be a complicated matter. Fortunately, divorce mediation can be a beneficial way to reach agreements on these issues and create a settlement that will provide each of you with the financial resources you need.

Addressing Multiple Types of Marital Property During Divorce Mediation

Recently, we looked at some issues that you may need to address when dividing valuable assets such as your home or a family business. In addition to those forms of property, you will also need to make decisions about other assets you own, including:

  • Financial funds and investments - If you have money in bank accounts, or if you own stocks or other investment assets, you may agree to divide these assets equally between you and your spouse. However, you may also agree that one spouse will keep a larger portion of these funds, while the other spouse will keep other marital assets that are around the same value. Your mediator can help you make decisions about how to divide financial assets fairly.
  • Retirement accounts or pensions - If either spouse has retirement savings in a 401(k) account or IRA, the funds in these accounts may be divided between the two of you. Pension benefits earned by a spouse during your marriage may also need to be divided based on how long you were married while these benefits were being earned. A mediator can explain the issues that will need to be addressed when dividing these types of assets, including how you may use qualified domestic relations orders (QDROs) to withdraw funds before reaching retirement age without being subject to penalties or taxes.
  • Vehicles - While you and your spouse may each retain ownership of your primary vehicles, you may need to address any differences in the value of these vehicles. For example, if your spouse’s vehicle is paid off, but you still need to make several years’ worth of payments on the loan for your vehicle, you may be able to negotiate a settlement in which you will receive enough funds to pay off your loan.
  • Household items - There are multiple pieces of property in your home that will need to be divided, including furniture, kitchen utensils, household appliances, decorations, artwork, or collectibles. With the help of a mediator, you can reach agreements that will allow both you and your spouse to keep items that are important to you, while also ensuring that you will have what you need as you establish new living arrangements.
  • Debts - In addition to assets, you will also need to determine who will be responsible for paying the debts that are owed by you and your spouse. You will both be responsible for paying any joint debts, such as credit card balances. Your mediator may help you make arrangements to pay off as much of your debts as possible during your divorce to ensure that you will both be on sound financial footing as you begin the next phase of your lives.

Contact Us for Plano Divorce Settlement Mediation Services

During your divorce, our experienced mediators can help you and your spouse work together to reach agreements on how you will divide the property you own. With our help, you can create a divorce settlement that will provide for your needs going forward. Contact our Collin County divorce mediators today at 469-406-4320 to schedule a complimentary consultation.

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Texas divorce mediationIf you are planning to end your marriage, you and your spouse will need to address a variety of complex issues related to your property and finances, as well as other legal issues that will affect the two of you. While the divorce process can sometimes be lengthy and expensive, divorce mediation provides the option to complete this process more quickly and efficiently. As you prepare for divorce mediation, you will need to understand the issues to consider as you and your spouse negotiate a settlement that will address ownership of assets such as your home or a family business.

Considerations for Homes and Businesses During the Property Division Process

During divorce mediation, you and your spouse will work with a neutral mediator to address all of the issues that must be resolved before your marriage can be legally dissolved. As part of this process, you will make decisions about how you will address all of your marital property, which includes any assets or debts you have acquired during your marriage. Your goal is to reach agreements that will provide each of you with a fair share of your marital property, ensuring that you will both have the financial resources you need to succeed as you move forward after your divorce.

As you negotiate a property settlement, you may need to address ownership of high-value assets, including:

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You may have a good idea of which items you want in the divorce long before you sit down to work on the agreement. However, strong emotional attachments to personal property can get in the way of amicable negotiations, and you could even cheat yourself out of a fair deal if you inflate the value of an object simply because you want it.

A professional appraiser can identify the true fair market value of your antiques, collections, artwork and other personal items so you and your spouse can reach a settlement that is truly fair.

Inventory your household

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