Dividing property during a divorce is often complicated. The more assets and debts that are associated with the marriage, the more difficult it is going to be. You need to make sure that you are familiar with your marital assets so that you have an idea of what kinds of divisions might be made. We realize that divorce isn’t always something that you can prepare for ahead of time, but it can make life easier for your and for your lawyer if you know what you own.
When you are thinking about the assets that must be divided, you will need to classify each one. Decide which assets you can part with easily, which ones you must hold on to and which ones can go either way. This is a good starting point for where you will go with negotiations.
As you work through the negotiation process, you must be realistic about everything. You need to think about whether you will be able to continue to incur the costs that come with some assets, such as taxes, insurance and loan payments. If you know that you can’t do this, you might need to bypass on that specific asset.
While you are thinking about what you are going to try to keep, don’t get so focused on what it is worth today that you forget about the long-term value. Some assets are likely going to appreciate over time, so you need to think about these not only in terms of what they are worth today but also what they will be worth in a decade or longer.
We know that the property division process seems very complex. We are here to help you navigate through it all so that you might have a better understanding of what is possible and how different options might impact you.