One of the major issues to resolve in a divorce is how to fairly and equitably divide the property that you have shared during your marriage. For many couples, this can be the source of a lot of conflict and can take many hours to resolve. Mediation is a great option for determining how best to divide joint property in a fair way. Johnson Mediation can help you and your ex come up with a plan that works for you and your family and can reduce the conflict between you in a way both of you will understand. In the state of Minnesota is what is known as an equitable distribution state.
Equitable Division Of Property In Divorce
While that does not mean that everything is divided 50/50, Minnesota law does assume that all of the assets and debts that you acquired during marriage are divided equitably. Non-marital assets do not have to be divided and are generally given to the individual who owned it before the marriage.
Below are some of the items that you will need to think about how to divide:
● Personal banking accounts
● Shared accounts and investment income
● Real estate property including vacation property
● Land
● Other income and/or rental properties
● Cars, boats, trailers
● All household items
● Any outstanding Debt
Mediation allows you to divide your assets and debts without having to go through litigation and hire attorneys. Your mediator will facilitate a discussion where you can convey your preferences for certain items. Our staff always recommends that you make an exhaustive list of your assets so that it is easier to go through the items during your mediation session. You can even assign value to each item in order to be sure that the decisions that you make are fair to both parties. Mediation sessions can be used to resolve the division of assets, debt and other joint property and can save you time and money, since you do not have to go through the courts.
Using Mediation To Divide Joint Property
Johnson Mediation specializes in helping families just like yours navigate the divorce process with the least amount of stress and financial impact as possible. We can help you with a plan for how to divide your joint property, assets and debt so that you are able to prioritize the things in your life that matter most to you. For more information about how our mediation services can help you settle the terms of your divorce without going through the courts, call us at 952-401-7599.
