WHAT'S YOURS IS YOURS AND MINE IS MINE, BUT WHAT ABOUT OURS?

Media outlets have been wildly posting information on the divorce between Amazon founder Jeff Bezos and his wife MacKenzie. Speculation is high on just how much MacKenzie will get after 25 years with Bezos, who with a net worth of close to $140 billion, may be the world’s richest man. Washington State, where the Bezos reside, is a Community Property state, as are several other states including California. At divorce, these states generally divide community property equally between the spouses. That means MacKenzie should get close to $70 billion from the Amazon fortune.

Division of Community and Personal Property

Though most of us don’t have billions to divide like the Bezos, we all have possessions that have sentimental or emotional value---a prized, inlaid table from your favorite Aunt Jean, a gorgeous water color painting purchased by you and your spouse on your honeymoon, or sentimental family photograph albums. Items brought into the marriage or collected during the marriage may carry strong emotional attachments.

In a divorce in a community property state, items that you brought into the marriage, such as the table from Aunt Jean, are considered separate property and remain your property. But, those items collected together during your marriage are community property and have to be divided up. This often means giving up certain assets in exchange for others. When emotions run high, it may be difficult for those closest to the situation to make those decisions. Mediation can be very helpful.

Mediation Helps Couples Solve the Issues and Make Good Decisions

The divorce of a family and all that goes with it, is an intensely personal decision filled with many issues. A court system is not always the best place to solve the issues or to make decisions. An experienced mediator knows how to help you make good decisions. A mediator is an unbiased third party who can walk you safely through all the issues of divorce, keep you focused on the good parts of your marriage, help you see both sides, and lead you to an equitable solution for all.

Mediation takes place in a caring and comfortable environment with the full and equal participation of both parties. Couples should come to mediation with a positive attitude and willingness to work on an equitable uncoupling. Division of community property information to bring to the meeting should include: the assets you each had before the marriage; the assets that are most important to you and you want to keep after the divorce (consider the other person’s attachments to items also); any assets acquired through inheritance and any debts associated with assets.

A Fairway Mediation mediators have years of experience not just in community and personal property division, but in every aspect of the divorce process. Complete our request for a free online evaluation, or to receive a free 30-minute consultation visit us at www.afairway.com or call 760-227-5090 / 619-702-9174.