Resolving Property and Financial Disputes with Denver Divorce Mediation
Uncontested Divorce Mediation
Posted December 9, 2021
There are two ways to deal with a conflict in a divorce. The first is to hire two lawyers to rip each other to shreds. If you have the spare funds and you want a fight, this might be your favored option. Of course, if you’re like most people, even the bitterest disagreements in a divorce over things like finances and shared custody, you’re still thinking practically about solutions.
The second way to deal with conflict in a divorce is Denver divorce mediation. This doesn’t mean you have to get along, merely that you and your spouse and mediator will work together to come to reasonable agreements about each of the disputed issues. Your mediator will help you stay grounded on what is normal and mathematically even, no matter where your headspace is during these important decision-making steps. Most importantly, you are preparing for two separate lives. By resolving your conflicts with mediation instead of lawyers, you can save the funds and build strong divorce terms for a better life in the near future.
Outside of personal and family matters, the most disputed issues in divorce are the division of finances and properties. Together, your shared assets must be fairly separated with the most benefit and least hassle or cost for both parties. In Denver divorce mediation, we know that separating is hard but with careful planning and mediation, your life after divorce doesn’t have to be.
The most difficult thing for most people to separate during a divorce is their finances. Building a life together often means completely shared assets including houses, cars, businesses, and investments. Even if you have kept your finances relatively separate, the law may require you to split assets you were not prepared to split, like retirement accounts, if the balance is too uneven. Whether your dispute is about who gets the house or how to properly divide the household assets, Denver divorce mediation can help settle issues and reach a fair, legal, and supportive solution.
Family bank accounts are often the touchiest part of a divorce. The reason it’s tough is that you will likely keep sharing these accounts, often tied to household payments, even as you separate. It’s very common to want to do some pre-divorce spending to either comfort yourself or deny funds to the other person. Separate bank accounts are also disputed over, as one spouse have more tucked away than the other.
Your Denver divorce mediator will help you fairly assess shared and private accounts and find a legally fair way to divide them, cover bills, and avoid reckless spending together.
Investments are assets owned by both spouses that are currently accruing interest or generating income. Often, investments are sold and the liquid funds divided fairly but if you want to keep investments like, for example, valuable stocks. Your Denver divorce mediator can help you decide the right course of action to maintain the value of your investments and fairly split that value between spouses. Retirement Accounts
Legally, spouses must separate with approximately even assets, including retirement savings. If one spouse has much deeper retirement savings than the other, you may be required to break off some of those funds. However, this can get complicated and potentially incur early-withdrawal penalties if not done correctly. Your mediator can help it get done right or avoid retirement-splitting with other asset solutions.
Property Division Disputes
Shared property can be challenging to divide because unlike finances, you can’t split them in half A house or a car is a single high-value unit. Most often, shared property is sold in a divorce and the value split fairly between the spouses. In situations where you want to hold onto the property, you will need to make plans to balance the finances in other ways.
If you owned one home together, you’ll want to sell it or make a big decision about who keeps it. If one spouse keeps the house, they take on it’s value minus the current debt they will also be taking. They should have an income prepared to cover monthly, annual, and repair costs as well. If you own more than one home, it may be possible to separate the titles to each own different properties.
Recently we sometimes see parents keep the house together (same joint title) where the kids stay in the house and parents take turns from separate apartments. This can maintain stability for kids, especially when both parents stay closeby or one travels during off-weeks for work.
Vehicles are often bought individually instead of as a family, but shared finances may have bought the car. Private vehicles are usually kept by the driver, but they must balance the value with other assets unless both spouses have vehicles of similar value.
Recreation property and vacation homes are the most often-sold asset in a divorce, as these places often have less sentiment. However, you can sometimes choose to keep the vacation spot to time-share depending on practical and friendly decisions during Denver divorce mediation.
Investment property like rental homes can be treated like individual properties or like a family business in dividing assets and value. Let your Denver divorce mediator know if your investment homes are something you want to keep running or don’t mind selling to keep the divorce division simple.
Divorce and asset separation can be challenging, but done right it can leave both spouses in a better and more stable financial place after the divorce. Start your new life with more accessible funds and valuable property, without any dead-weight assets that might slow you down. With Denver divorce mediation, you can reach fair, logical, and even clever solutions to separating your assets in a way that will help both spouses launch new, successful lives with the property and assets that will help you most.
Here atSplit Simple, we are proud to help local spouses separate with the most practical and mutually beneficial terms possible. If you are a resident of Denver, CO and the surrounding area, Contact Split Simple today to consult Denver divorce mediation for your split.
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Denver, CO 80202