Navigating Property Division in Divorce
The goal of a divorce is to separate your assets and debts in a way that will allow both of you to move forward in a healthy manner. While it is often a challenging process, you can get through it with the right approach. By creating an inventory list, valuing your marital property, understanding the difference between marital and nonmarital property, and being prepared to compromise, you can work towards a fair settlement that will work for both of you.
Create an Inventory List
Before you begin negotiating property division in your divorce, it is important to make an inventory of all the assets and properties that you own. This will help you and your attorney decide how to split up these assets in a fair and equitable way.
Be Transparent About the Value of Your Property
Once you have your list of assets and property, you should be transparent about how much each item is worth. This will ensure that you and your spouse have a good idea of how much each item is worth and will allow you to divide it fairly.
Determine What Is Marital Property and What Is Separate Property
Regardless of whether you have children, it is always important to understand what is considered marital property. This is usually anything that the couple acquired during the marriage and that was not purchased before their marriage.
However, there are some exceptions to this rule. For instance, if you owned real estate before you got married and your spouse helped you remodel it, the increase in value is now marital property and must be divided equitably.
If you own a business, it is also vital to understand how your property will be divided. This is especially important if your business has significant value, which can be difficult to divide between two people.
Take Care of Debts Before Negotiating a Settlement
The first step to ensuring you have a fair and equitable settlement is to ensure that you are on top of your debts. This means knowing how much money you owe and what assets you have that are tied to these debts.
Keep your emotions in check when discussing the division of your property. It is easy to let your emotions get the best of you, and you may end up making decisions that don’t work for both of you.
Be Prepared to Compromise
It is not uncommon for couples to negotiate a divorce without the help of a divorce lawyer in Miami. This can be a great option if you have worked out an agreement that works for you, and it will save you money in the long run.
A good mediator can also be a valuable asset in your negotiations. These neutral parties are able to assess all the details of your case and help you arrive at an equitable agreement.
A court will consider a variety of factors when determining the equitable distribution of your property and assets. These can include the length of your marriage, your contributions to your spouse’s earning potential, and your ability to pay off debts.