With marriages strained even more over the last couple of years, divorces continue to move forward in large numbers. If your marital assets total over a million dollars, you likely fall into the high asset category. Is mediation still a possibility?
If you and your spouse can resolve your differences with a bit of guidance, mediation may remain on the table even if your assets are sizeable. Discover how this process may help you get to a divorce decree sooner and with fewer disputes along the way.
What goes on at mediation?
Mediation is a conference that involves spouses, their legal representatives and a mediator. This outside party acts as a go-between who will help guide you and your spouse towards a reasonable conclusion to the areas of your divorce that need addressing. You cannot receive a divorce decree until you and your spouse resolve the following:
- Child custody and parenting plan
- Property and debt division
- Spousal support
- Child support
How are assets split during a divorce?
Regardless of the size of the assets in your marital account, Minnesota law requires them to divide equitably. This is a more fair way of splitting what you co-own with your spouse. Separate property or those assets and tangibles owned before you and your spouse wed remain with the owner. For instance, if your business existed before your marriage and remained in your name only, it and its assets remain yours. However, once you comingled money or assets, it became joint and marital.
A mediator can help you reach a favorable outcome without expending the time, energy and expense of a full-blown court proceeding.