Divorce is associated with conflicts due to the sensitivity of its aspects, including property division. This is one of the matters that can bring out a different side of people going through a divorce. However, this does not necessarily have to happen. Provided a couple understands the rules that govern property division and each can protect their interests, the division of assets can be handled without a protracted court battle.
This guide discusses how this can happen.
Prepare a list of your marital and separate property
You and your spouse should list your marital and separate property. Of course, the marital property lists should be the same. If there is a difference, you should follow it up – your spouse may have forgotten to include an asset on their list. It will also help to have an accounting of debts incurred in the marriage.
If you and your spouse agree that each other’s list is accurate, the subsequent stages may be more manageable.
Valuate your property
The next step is hiring an appraiser(s) to get the accurate value of the marital assets. Note that you may need to find specialists if you have unique assets like an art collection or a business, but the most common asset spouses have to have appraised is their home.
Learn about the tax implications
You should learn of the tax implications involved in your property. This is because two assets of the same value are not equal if they have different tax liabilities. You don’t want to choose a valuable asset only to deal with high tax implications later.
Be willing to compromise
While protecting your interests is crucial, you should be willing to compromise in some matters, allowing your soon-to-be ex-spouse also to get a favorable outcome.
It’s possible to agree on property division outside court. With experienced legal guidance, you and your spouse can confidently approach this subject and make an agreement that works for you both.