How to Divide Assets in a Divorce

Whether your divorce is the first or fourth time around, the process of dividing assets is quite confusing. We are accustomed to accumulating and owning certain things throughout our marital relationship.

So, when divorce enters the conversation, we’re often surprised to learn that there’s often an arbitrary line between what you have a right to keep and what you don’t.

The good news is that with a bit of work, your divorce attorney can help you navigate this line. To get started, read on for essential tips on how to divide assets in a divorce.

Divorce Process

In a divorce, assets are divided between the two spouses. The court will consider all of the assets and liabilities of the couple and decide how to divide them between the two spouses.

The court will also look at the financial situation of each spouse and decide what is fair.

Keep What’s Rightfully Yours

When you’re going through a divorce, it’s important to know how to divide assets so you can keep what’s rightfully yours. First, you need to identify all the assets that are jointly owned by you and your spouse.

These assets will need to be divided between the two of you. Next, you need to figure out what each asset is worth. This can be done by looking at recent sales prices for similar assets, or by hiring a professional appraiser.

Once you know the value of each asset, you can start negotiating with your spouse about how to divide them. If you can’t come to an agreement, you may need to go to court to have a judge make the decision for you.

Know What You’re Entitled to

Each spouse is entitled to an equitable share of the property, which means that the property will be divided fairly, but not necessarily evenly.

The court will consider a number of factors on how to divide the assets, including the length of the marriage, the needs of each spouse, and the contributions each spouse made to the marriage.

The court may also consider any property that was marital property prior to the divorce. In some cases, the court may order a spouse to pay alimony, which is a form of financial support.

What About the Kids?

When it comes to your kids, you always want to be careful in making decisions. Be clear about what you want. Make a list of your assets and what you want to do with them.

Also, be reasonable. Don’t try to get everything you want, especially if it means leaving your kids with nothing. You also need to be flexible. If your spouse is willing to be flexible, try to work out an agreement that works for both of you.

Lastly, get help. If you can’t reach an agreement, consider hiring a divorce attorney to help you through the process.