5 Facts You Didn’t Know About Asset Division
No one goes into a marriage thinking about whether they will have to split their assets and divide them all in two. We go in with hope and optimism, excitement and faith. However, life is a little difficult and doesn’t always go to plan, so when you find yourself in the midst of arguing and a separation, you might think about asset division and how you can get through the subsequent divorce with less heartbreak. Of course, it will still be a painful situation, but that doesn’t mean that you have to make it more so.
Whether you use the help of a divorce attorney to get through this or you do this amicably, you need to know all that you can about asset division. Below, we’ve got five clear facts that will help you to learn more about asset division. You may be misinformed about the process or what it means for you – so let’s teach you a little something.
- You don’t need a lawyer to do this. You can absolutely have your attorney with you to mediate and to work with you, but if you can reach an agreement with your ex-partner, you’re going to find it a lot more settling to do that. You can make your own agreement and have the court satisfied that it’s equitable and just.
- It doesn’t really matter who’s name is on which asset. If you both brought assets and debts into the marriage, you are both liable for it all. You have to consider every asset and every debt and split them properly.
- Everything has value when you divide assets after a separation. For the financial to the non-financial, all contributions to the relationship have to be considered. This can make division easier and more fair, and it’s important that you both bring it all to the table when you talk.
- Your pension can be split during a financial settlement. Most people don’t realize this but you can ask about pensions to be split and transferred between you both.
- All assets have a value that is required. The assets in a relationship have to have a value and it’s important that you bring these values to the settlement meeting. It’s going to make a difference to the end result that your asset pool is valued at. When you discuss the division, it helps to have all the facts.
Most couples are prepared to talk about the value of their assets and their liabilities when it comes to splitting them down the middle, but you need to make sure that the disclosure is an honest one. Sitting together to discuss assets isn’t an easy conversation, because you’re essentially dissolving a relationship and everything you built together. It’s important that you work together to finalize this settlement with as much calm as possible. This is a big deal and it’s not a meeting that you should miss out on, especially as it can impact your future to get through this meeting in one piece.
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