Search

Working With Lawyers Every Day

Tips To Help You Divide Assets During A Divorce

17 June 2019

Cassandra Stone

Property division is a tough and controversial part of a divorce. It's even tougher (though advisable) to handle property division on your own rather than leave it up to the court. Just keep the following tips in mind so that you do not end up shortchanged with the division.

Understand the Laws

You should first brush up on the divorce laws in your state. You need the laws to guide you during the negotiations and division. For example, you need to know which properties are marital or separate properties in your state. Ideally, both of you should do this research, so you are on the same page during the division. Contact divorce attorneys in your area to learn more about this.

Understand Property Values

You also need to understand the value of the assets you wish to divide. This will help you know how much of the assets you should get and how much you can afford to give up. This is not difficult with assets such as cash in the bank, cars, or recent purchases. However, the valuations of things like businesses, artwork, antique collections, and even stock and shares are not that easy. Take your time to get it right since property division is final once it has been ratified by the court.

Prioritize

People rarely get everything they want in divorce; a compromise here and there is inevitable. You would do well to keep this in mind during the negotiations so you can choose your battles wisely. You need to prioritize what you want to keep so you can trade them with the items you can give up. Don't battle over the small items because you might end up spending more money to get these small items than what they are worth.

Think Long-Term

Keep the future value of the assets in mind during the negotiations. Note that property can gain, lose, or retain its value over time. Don't get saddled up with things that are likely to lose value over time. For example, a standard car is likely to lose its value over time than a standard house. You should also factor in the cost of ownership of the items you want. For example, a home is expensive to maintain

Involve Professionals

Lastly, it is also a wise idea to involve relevant professionals in your asset division. This is particularly necessary if you have high-value properties. Apart from lawyers, other professional services you might need include real estate appraisal, business valuation, and art valuation among others, depending on your properties.

Share