Do I Need to Divide Assets Prior to My Court Date?

There’s a lot to consider when going through divorce mediation — and it’s normal if you have questions. For instance, couples who are using divorce mediation often question the timing of the process. One question that couples have is whether or not they need to divide assets prior to their court date. The short answer? No. Here’s why.

The memorandum of understanding (MOU) that is presented to the court spells out your intentions as a couple. For example, if you intend to sell your house, you do not need to have it under contract or sold prior to the divorce. The memorandum will clearly state how you would divide the assets from the sale of the house.

Another question that often comes up is whether or not bank accounts and 401K monies need to be divided up before the divorce. Again, the answer is no. The MOU will indicate your intention, and it is your obligation to follow through on the agreement. If either party does not follow through on their promises in the agreement, both parties go back to court and use the memorandum of understanding as the basis for their argument.

Do you have questions about divorce mediation? Read more about the divorce mediation process.

Ready to set up an divorce mediation consultation? Contact us today.

Serving Chicago, Libertyville and surrounding areas.

Do you have more questions about divorce mediation? Learn about the process. 

Ready to schedule a divorce mediation meeting? Contact us today.

We service Chicago, Libertyville and surrounding areas.