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Three important considerations during property division

On Behalf of | Dec 9, 2021 | Divorce

Divorce is an emotional process. But it’s also a financially impactful one that have decades-long implications for your life. That’s why it’s critical that you know how to appropriately address every aspect of your divorce, including property division.

Most divorces, including their accompanying property division, are resolved without the need for litigation. However, before you can successfully settle your case, you need to take the time necessary to conduct a thorough assessment of your situation. Here are some things to take into consideration before settling your property division dispute:

  • Hidden assets: Although you should get your fair share of the marital estate during your divorce, this can only occur if you have an accurate picture of the marital estate. Hidden assets can distort that picture and leave you short-changed. Therefore, you might want to look for red flags of hidden assets and investigate them further to ensure all martial property is included in the property division process.
  • Sacrifices made: Remember, marital assets are to be divided in a fair fashion, which doesn’t necessarily mean that the division has to be equal. Therefore, any sacrifices that a spouse made during the course of marriage may have implications for how marital assets are divided.
  • Marital debts: While your marital assets will be divided in an equitable fashion, so, too, will your marital debts. Again, remember that these debts don’t have to be shared equally, but father in a fashion that is fair. Therefore, carefully think through the arguments that you can make to try to escape liability for large marital debts.

Take a holistic approach to your divorce

If you want to position yourself for a successful life post-divorce, then you need to know how to properly address every aspect of your marriage dissolution. That’s not an easy feat, but it is one that you can competently tackle, especially if you choose to seek out assistance from an experienced legal professional. Hopefully then you can move past this chapter in your life and focus on the next one while retaining the financial stability that you deserve.