The property division process can be emotional because you’re having to discuss dividing items that you’ve become attached to. It’s critical that you take a step back from the feelings you have about the assets.
Before you begin the property division process, it’s a good idea to take stock of what has to be divided. Taking a look each item individually and a whole may make this process easier.
What should you think about when reviewing assets?
You should consider the financial cost of keeping each asset. It may be beneficial to set your budget ahead of time so you know exactly what you will have to spend on normal costs of assets, such as mortgage, taxes, insurance and maintenance on a home. Remember that your budget must be set based solely on your income.
What else should factor into the property division process?
You also have to think about how to divide debts. In some cases, liquidating some assets to pay off debts might be beneficial. Any debts that aren’t paid off have to be divided between you and your ex. Creditors don’t have to abide by the division, so they can still hold both parties accountable for the money owed. This means that if one party doesn’t pay the debts, both parties can face negative marks on their credit reports.
Learning your options and thinking about them from a logical perspective can help you to end your marriage with a settlement that’s in your best interests. Working with someone familiar with these matters may help you as you go through this process.
