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Legal Talk

Legal Talk

Author: Fawzia Khan
Date: 2019-05-10

Use A Mediator To Divide Your Assets On Divorce

I have for a long time extolled the benefits of getting a mediator to assist in a divorce. Even if the mediator is appointed to only deal with a portion of the issues in dispute, it makes financial sense to work on reaching settlement around those issues.

Division of the assets can be one such matter in which a mediator can make a huge and positive difference for a divorcing couple. The benefits of mediation are that the parties don't hand over control of matters affecting their day to day life to a third party such as a judge.

The mediator is neutral person who will guide the parties and allow them to reach a win- win solution. Leyla Balakhane, a respected American mediator in divorce and family law, says that many couples experience tension in their marriage because they disagree on how to divide their finances and dividing your assets when the marriage is over can be costly and time-consuming.

A mediator can help you get to a settlement where assets can be divided in a way that is workable and based on both parties needs at the time. The process of division is only effective if both you and your spouse adhere to full disclosure of the assets.

Even though it's important that the division of assets be equitable, you should not rule out the possibility of forming an agreement with your former spouse based on your needs at the time. For example, you may have no time or inclination to retain ownership a large boat and you could perhaps agree to retain the sports car as a trade- off.

Consider giving up some asset in return for your ex to pay you for the start-up of a new business venture, or to allow you to further enhance your qualifications in some trade or in your professional career.

It's also recommended that you revise your will after the divorce to avoid your ex from being able to claim from your estate, especially if you die three months after the divorce and did not change your will.

Know your rights! The Law Desk of Fawzia Khan and Associates. Giving YOU the Power of Attorney.

Email fawzia@thelawdesk.co.za or call 031 - 502 5670 for legal assistance at competitive rates.