If you decide divorcing is right for you, it’s not as simple as signing a piece of paper and walking away. There are multiple negotiations and compromises that must occur. From creating a parenting time schedule to determining financial support and property division, when you divorce, there are several things that must be settled before moving on with your life.
For some, property division is a barrier. It’s often financially and emotionally complicated and in many cases, your anger, resentment and general emotions get in the way of logic. To avoid creating more stress during your divorce and as you divide your marital assets, make sure you keep the following tips in mind to avoid mistakes and keep things moving along:
Consider the current and future value of assets
Sometimes, couples choose to sell their assets, split the profit and move on. However, more often, they choose equitable division based on the value of the items. For example, one takes the car while the other gets the retirement fund (which is a simplified example). While this may seem fair at the time, it’s important to consider future values. Some items will go up in value while others depreciate. Failure to consider this may result in unfair property division.
Avoid devaluing or hiding assets
Hiding or devaluing assets is tempting to some; however, it should be avoided. If the court discovers you did this, it can result in consequences and, in some cases, criminal charges. At a minimum, you will likely lose everything you tried to hide.
Handling the property division process in divorce
Divorce can be messy and emotional. While property division is difficult, you can seek help with the process. This will help you avoid the emotional aspect of the process, thanks to an unbiased third-party opinion on what is fair.