What Documents Should You Bring to Marital Asset Mediation?

Mediation services available in Baltimore can help you and your spouse avoid the expense and hassle of a lengthy trial. With the help of a neutral mediation lawyer, you and your spouse can review the marital assets and liabilities, and ideally, reach mutually agreeable decisions. To get the most out of each mediation session, you should arrive prepared with all of the necessary documents. mediation - lawyer

Account Statements

Set aside plenty of time to gather together financial documents. You will need statements of all of your accounts, including sole and joint accounts. These include statements for your checking and savings accounts, money market accounts, pension plans, Roth IRAs, and stock and bond investments. You’ll also need current balance statements for all accounts held for the children, such as CDs, money market accounts, and savings accounts. It may be necessary to hire a professional actuary to determine the present day value of certain accounts such as retirement funds.

Balance Statements

After you have gathered together account statements, it’s time to print out balance statements for all of your credit cards, mortgages, lines of credit, and home equity loans. Student loans, motor vehicle loans, personal loans, and business loans also play a role in marital asset mediation. Additionally, you’ll need to bring information on any pending civil lawsuits in which either of you or both of you are named as defendants.

Benefit Statements

If your job offers benefits, you’ll need statements for each of them. These include incentives, stock options, and golden parachute plans.

Property Appraisals

You may need to hire a professional appraiser to obtain appraisal statements for personal property. The mediator will request evidence of the current market value of all tangible assets, including motor vehicles, artwork, jewelry, antiques, and all other valuables.

Tax Returns

Bring copies of your state and federal tax returns for the past three years. Include copies of all 1099 and W-2 forms. If you or your spouse has a business, the past three years of corporate tax returns are also required. Additionally, you should expect to bring statements of your income for the past six months.

Recognizing the Advantages of an Advanced Medical Directive

It isn’t always easy to make arrangements for your own future care. Many people avoid estate planning matters because they simply don’t want to think about dying or becoming incapacitated. Others may avoid visiting an estate lawyer in Baltimore because they feel they are too young to worry about that sort of matter. But the unfortunate truth is that accidents and illnesses can befall anyone at any time, regardless of age or current health. Talk to an estate planning attorney about creating an advanced medical directive. estate - planning

You can rest assured knowing that you’ve made arrangements.

Certain estate planning documents, such as wills, need to be updated from time to time. Usually, an advanced medical directive only needs to be done once. After you’ve completed this document, you may feel some peace of mind knowing that this important estate planning task is finalized.

You will receive the medical care you want.

Advanced medical directives empower individuals to choose their own medical care, even after they become incapacitated. This document will specify exactly which type of care you do and don’t want to receive in the event you fall into a coma, require life support, or otherwise experience some sort of calamity. With this document, you can spell out your wishes pertaining to life support, end of life care, palliative care, and organ donation. You can also use this document to specify the types of care that you do not want administered to you.

Your relatives will be free of the burden of making decisions.

When a loved one becomes incapacitated, the burden of making decisions often falls to the closest family members. Deciding whether to keep a parent, sibling, or other loved one on life support or not can be an impossible choice to make. By establishing an advanced medical directive, your loved ones won’t be forced to make these difficult decisions and they won’t face the possibility of regret.

You will reduce the possibility of family conflicts.

It is not unheard of for a family to be torn apart over a disagreement about what an incapacitated loved one would have wanted in terms of life support or other medical care. You’ve spent a lifetime caring for and cherishing your family. You can preserve family bonds by spending a little time with an estate lawyer to create an advanced medical directive.

Settling Will Disputes with Mediation

In the Baltimore area, mediation is commonly used to settle disputes. This venue is appropriate for virtually all types of disputes , including those concerning inheritances. Often, these family conflicts arise when a will isn’t sufficiently specific about which items will go to which heirs or when the heirs are left confused about why the decedent made certain decisions. By turning to a mediation lawyer instead of resorting to litigation, families can maintain discretion while sorting through these matters. Ideally, mediation will also help preserve familial relationships.

During a mediation session for a will dispute, the mediator will strive to read between the lines. These disputes aren’t always about financial gain; heirs may argue over a particular item because of its sentimental value. Mediators cannot enforce binding agreements, but they can propose solutions that the heirs might not have thought of by themselves. Mediation enables heirs to work through their differences and agree to a compromise that will benefit each party.

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Divorce Mediation Explained

Resolving family law matters often involves litigation, but there may be a better solution for your case. Consider speaking with a mediation lawyer in Baltimore about divorce mediation. As you’ll learn when you watch this video, divorce mediation is a process that is facilitated by a neutral individual.

During a mediation session, the mediator guides each party in identifying the issues that need to be resolved, each party’s position on the issues, and possible solutions such as compromises. Through divorce mediation, you and your spouse may be able to agree on arrangements for property division, child custody, visitation, child support, and spousal support. Reaching agreements in mediation can help you and your spouse avoid the hassle and expense of going to trial.