Tips on Preparing to Divide Your Marital Assets in a Divorce

There are a lot of decisions that you will need to make after getting a divorce. Your whole life may end up changing completely, your world will turn upside down. There is also the issues of who gets custody of your children, deciding whether your spouse will get alimony after the divorce, and thinking about how your marital property will be assigned to both of you. The list can range from being pretty simple to very long depending on where you stood in your relationship.

The main reason for a divorce in any marriage is so that you and your spouse can go your separate ways without any ties to your marriage that obviously didn’t work for one reason or the other. This is the point where the two of you need to come together and agree on how you divide the debts and property you have accumulated together during the period you were together. Here are some tips that you can refer to when faced with the issue of dividing your assets and even debts during and after a divorce.

Know what to expect

It is vital that you have adequate knowledge of what to expect when going through a divorce with your spouse. You need to have adequate knowledge of when and how to divide your marital assets as well as liabilities during the divorce period. These are classified as community property which is everything that the two of you have acquired during the period that you were married. During the divorce period, the two of you need to present a list of all the properties that you own and have acquired during the period that you were married. Failure to present this list of all your assets as well as liabilities can further add to your problems with legal affairs and court-imposed sanctions.

Prioritize your wishes

In a divorce, you need to know that you are entitled to one half of all the assets and liabilities you have accumulated during your marriage. There are ways that you can go around this like having a postnuptial or prenuptial agreement between the two of you. Some items can be fairly difficult to divide during a divorce like the family house or the family dog. In such cases, if you are awarded with, let’s say the family home, then your spouse will be awarded another asset which will be similar or almost similar in value.

Be ready to communicate openly

For any divorce to be successful, you need to know that open communication and openness are just but some of the key features you need to adopt. Do not hide any of the assets or be dishonest about your income. This will only make the process more difficult. You need to put all your personal feelings aside during this process and treat the process and your spouse with respect too. Look at it from this perspective: the more openly you communicate and honest you are, the more likely you stand a chance of acquiring that asset you want to end up with after the entire process is over.

Do you have a question preparing your marital assets in a divorce? Click here to contact Von Esch Law today!

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