As you begin to ponder how the divorce process will change your life, it is only a matter of time until you turn your attention to matters of property division.
What will happen to the family home? How about your retirement assets? What about the cars and home furnishings?
There is a lot to think about during a divorce, but at some point you'll need to turn all your attention to property division. Here are some of the most important questions to address:
- Have you shared information regarding all your assets with the court? You should never attempt to hide anything. You should also make sure that your ex-spouse is being open and honest.
- What is the best way to divide property in the event of a divorce? There is no right or wrong answer to this question, which is what makes it so difficult on both individuals. It's a common misconception that property division results in a 50/50 split. This is not always the case.
- What happens to debt in the event of a divorce? Many people get so caught up in property division that they overlook the fact that debt also comes into play. Debt will be divided as well, so make sure you take this into consideration as you plan for the future.
- Could mediation be the answer to all your property division problems? This may not make things easy on you and your former partner, but it can definitely give you more control over the situation. With mediation, you don't have to worry about a judge making a final decision. Instead, the two of you can work together on all the finer details of dividing both assets and debt.
When it comes to divorce and property division, no two people face the exact same situation. You need to be ready for anything that could come your way, as this will help you move forward in an efficient manner without any unnecessary stress.
If you know that divorce is coming soon, don't wait to turn your attention to property division. The sooner you begin to collect information the better off you will be.