Property division is one of many issues that must be finalized before a couple may be divorced in Illinois. Property division is often tedious and confusing for the parties, as discussing how assets and debts should be divided between the parties involves a variety of factors. However, marital mediation in Milwaukee Wisconsin is available for parties that cannot agree on property division. During marital mediation in Milwaukee Wisconsin, the parties have the opportunity to decide how they will divide their property, instead of having a judge decide for them.
Marital mediation allows the parties to control the outcome of a case. Most individuals are nervous as to how a judge will rule in their case, and would prefer to handle the issues themselves. During mediation, a mediator helps the parties negotiate the terms they want in an agreement.
Property division involves several steps. First, property must be deemed marital or non-marital. In most cases, property that was inherited or gifted is non-marital property, provided it was kept separate from marital property. Similarly non-marital money must be kept in a separate account to maintain non-marital designation. The parties are able to narrow their focus on the relevant assets and debts.
Next, assets and debts must be assigned a value, whether it is by appraisal or some other method of valuation. Once the assets and debts have been properly valued, the parties may decide how they want to divide them. In most cases, so long as the division is relatively equal, the parties may divide their property however they like. For example, if one party wants to keep a $1,000 television, that party may agree to allow the other party an extra $1,000 in equity from the marital home. There are several different ways these issues may be resolved, and mediation allows the parties to explore solutions that work for them. Once the parties have reached an agreement, it will be memorialized in a court order.