By the time you come to see me you must already have put estimated values on your major assets. In order to divide up the property and determine “who gets what,” we need to know what the things you own are worth.

Community Property v. Separate Property

The first thing you need to do is define what is “community property” and what is “separate property.” Anything you already owned prior to marriage (mortgage free home, car, furniture, stock, retirement, etc.) is separate property. Anything you have ever received through inheritance or as a gift is separate. As long as you can identify your separate property by tracing it back to the original source, you get to keep it. This most often comes up as an issue when separate property funds have been invested in a marital home. This issue is resolved if you can trace back the money. Property acquired during the marriage is “community property.”

Part of the Mediation Planning Worksheet package we send you will include a Schedule of Assets and Debts. By filling out this form it will help you organize your property by showing when you got it and what it is worth. Remember to use yard sale prices on furniture, furnishings and those sorts of personal property. By law this form must be completed by both of you, so you might as well get a jump start by going through all your things and inventorying what you have.

The second form in that package is the Income and Expense Declaration, and it too is legally required that both spouses must complete and sign this form. Fill in as much info about yourself as possible, and anything you don't understand or aren’t sure of can be completed with Rick.

What is the value of your home? The easiest way to find that out is to see what other homes in your area are selling for. Any real estate agent would be happy to run comparable listings (“comps”) for you because they want your business. After the home's value is agreed upon, the balance on any mortage(s) are then deducted, and the “equity” is the difference between those two numbers.

If you have pensions or other retirement holdings, bring copies of your most recent statements for each account. If you earned any of it prior to the marriage, then that is your separate property. Sometimes it is not clear how much your pension is worth. Contact your plan administrator to see if they can help you value this important asset. If you need further help we can put you in contact with an expert who can properly determine the value..

If either of you has a business, you also need assistance determining its value. Here again, the help of an expert is crucial in determining the value of the business.

When you return your completed Mediation Planning Worksheet package to us, we’ll need your most recent bank, money market, investment account or other kinds of statements that show what your financial holdings are.

Also, bring documentation about any debts you have. These would include statements for things like credit cards, personal loans, doctor bills, etc.

Proof of Income. Bring proof of what you have earned for the past 12 months. At least bring your two most recent pay stubs which should show your year to date earnings. W2 statements and/or tax returns from the prior year is also helpful.

By gathering all of the information listed above, and finding out the answers to all these questions before our first meeting, it will make the process of dividing up the property much smoother.

FOR PARENTS OF MINOR CHILDREN:

Seriously think about who you could take any child disputes to. Do you know anyone with superior parenting skills, maybe an older couple who has GREAT adult kids, that you both trust to give you good advice. We can agree to use them as the “go to” people any time the two of you can't agree on what to do about a child issue. This will keep you out of court if disputes come up.

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