3 Key Tips In Resolving Asset Division During Divorce Proceedings
Asset division is usually the most challenging part of the divorce process. These include houses, rental properties, stock plans, deferred compensation, and more. It is always advisable to have a divorce lawyer on board when handling asset division during the divorce proceedings. Without the guidance of an attorney, the process becomes highly emotional and can slow down the entire separation process. Here are four tips that can help you speed up the process and get the best outcome.
Understand Separate and Marital Property
The first step in property division is understanding the difference between separate and marital property. Individual property is anything you or your spouse owned before the marriage. It also includes inheritance that a husband or wife got before or after the wedding. The third category of separate property is everything you receive as a gift during the marriage. All settlements that you receive for a personal injury also count as individual property. On the other hand, marital property is everything you accumulate after the marriage. The titling and ownership of the title don't matter as much as when you earned it. You can consult with a divorce lawyer about these two property categories to understand how the court will handle the settlement.
Consider Your Long-Term Financial Needs
You should carefully consider your state's property division laws before starting any proceedings. Besides that, avoid any solutions that offer you instant gratification at the expense of long-term financial stability. Note that property division is final, and you can only appeal elements like child custody and alimony. Therefore, be truthful when declaring your wealth to avoid trouble with the courts. Also, consult with your lawyer on which assets to fight for and those to let go. For example, a house whose mortgage you cannot afford alone is not worth fighting to keep. It would be best to find a solution like selling it.
Keep a Level Head
You will get a better outcome with property division when you keep a level head throughout the proceedings. Unfortunately, most couples lose their temper and dwell too much on minor objects like furniture that they could easily replace. Always focus on the overall cost of the divorce and not the tiny wins meant to hurt your spouse.
Working with a divorce lawyer is the best way to ensure the process does not mess up your finances. Involve a lawyer in every step of the process for the best outcome.