Semi-crystalline polyethylene is composed of three domains: crystalline lamellae, the compliant amorphous phase, and the so-called "interphase" layer separating them. Among these three constituents, little is known about the mechanical properties of the interphase layer. This lack of knowledge is chiefly due to its mechanical instability as well as its nanometric thickness impeding any property measuring experiments. In this study, the Monte Carlo molecular simulation results for the interlamellar domain (i.e. amorphous+ interphases), reported in (in 't Veld et al. 2006) are employed. The amorphous elastic properties are adopted from the literature and then two distinct micromechanical homogenization approaches are utilized to dissociate the interphase stiffness from that of the interlamellar region. The results of the two approaches match perfectly, which validates the implemented dissociation methodology. Moreover, a hybrid numerical technique is proposed for one of the approaches when the recursive method poses numerical divergence problems. Interestingly, it is found that the dissociated interphase stiffness lacks the common feature of positive definiteness, which is attributed to its nature as a transitional domain between two coexisting phases. The sensitivity analyses carried out reveal that this property is insensitive to the non-orthotropic components of the interlamellar stiffness as well as the uncertainties existing in the interlamellar and amorphous stiffnesses. Finally, using the dissociated interphase stiffness, its effective Young's modulus is calculated. The evaluated Young's modulus compares well with the effective interlamellar Young's modulus for highly crystalline polyethylene, reported in an experimental study. This satisfactory agreement along with the identical results produced by the two micromechanical approaches confirms the validity of the new information about the interphase elastic properties in addition to making the proposed dissociation methodology quite reliable to be applied to similar problems.