Dividing Your Assets During a Divorce: What Every Couple Needs to Know
One of the most challenging aspects of divorce is the division of assets. When you and your partner choose to separate, you’ll need to physically divide the things you own. If you purchased a lot of items together, including things like furniture or vehicles, you may find that it’s a bit time-consuming to separate your assets. Unfortunately, this is something that needs to be done. Whether you were together for one year or several years, chances are you’ve accumulated some shared items that should be divided. When you and your partner are ready to start the process of dividing your assets, there are a few things you should know.
First off, make sure you’re honest about marital assets. This means you can’t try to hide or steal things from your shared marriage. If there are items you acquired together, you need to make sure you give your partner a fair shot at claiming the item as something they want. When you cannot agree on who gets a specific item, it will typically be sold and the funds will be divided. While separating your belongings can be difficult, it’s important to focus on dividing things as fairly and evenly as possible. If neither one of you wants a particular item, such as a dresser or a set of dishes, consider selling or donating the item.
If your partner says you can have an item, make sure you document this. You should also be clear when a particular item is something that only belongs to one of you. For example, if your husband inherited a piece of property from his grandmother, that would typically belong to him and not be considered marital property. Similarly, if you owned a business before you got married, this might not be considered marital property. Make sure you have documentation for items you do not plan to share and speak with your lawyer about the laws in your state regarding marital assets.
When you and your partner are ready to start separating your belongings, you may feel anxious, stressed, or upset. You may feel tempted to continue an argument or say something mean. Avoid this. Try to stay focused on the job at hand, which is dividing your belongings. You don’t need to talk about the separation or the divorce at all. Your only task is to separate your things. Staying focused will help you complete the process as quickly as possible.
No matter what your feelings surrounding the divorce are, you may find that hiring a mediation specialist is beneficial. In some cases, your attorney may act as a mediator who can help you and your partner divide your belongings in a way that is fair and agreeable. When you’re ready to start the divorce process, reach out and schedule a consultation so you can get the assistance you need.
As the article clearly and understandably asserts the pragmatic approach to fair division of shared assets and distinction of individual assets, the article also mentions the inevitable historical and emotional narratives likely to impact the division of assets.