Recognizing the Need For A Divorce

Tips For Dividing Your Assets During Your Divorce

9 December 2019

Jackson Robinson

When you go through a divorce, one of the many tasks for you and your spouse is to divide your assets. This includes both tangible and intangible assets. In some states, all marital property is community property and is equally split among each spouse, no matter who actually paid for it. This is not the case in most states, however. The following are some tips if you have to begin the process of dividing your property and assets during your divorce:

Make a Comprehensive List

The first step in dividing your property is to make a comprehensive list. The list should include all property that you share, including your house, any investments, valuables such as cars or jewelry, and so on. You should add the approximate value of each item based on reliable sources.

You need to list the value because this will help the court make sure you both get a fairly equal value in property when everything is said and done. Keep in mind that unless an item is new, you need to account for depreciation. On the same token, you also need to include appreciation for any collector's item that has gained value.

Determine Who Gets the Assets

Once you have identified all your assets and they have a fair value attributed to them, you need to begin the process of deciding who will get what asset. The best-case scenario is that you and your spouse do this on your own, particularly with tangible property. Try to be amicable in this process. Do not try to spite your spouse by claiming something important to him or her unless you have a genuine desire to have it. For example, if you have a husband who enjoys fishing, you should not lay claim to his bass boat unless you are also an avid fishing enthusiast.

There will be some items you cannot divide on your own, such as investments and most intangible property. For these items, you will have to go to court or through mediation. This is also the route you will go if you and your spouse cannot decide on your property division or you simply cannot get along well enough to do the division of property yourselves.

If you have any questions about property division or need assistance with any part of your divorce, be sure to consult with a divorce attorney right away to ensure you get a fair settlement. Contact law firms such as the Bray & Johnson Law Firm for more help.

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