One of the things that many people struggle with during a divorce is determining the right way to divide the assets. This is because both parties usually have items that they want and sometimes they both want the same items. Deciding who the rightful owner will be during a divorce can take some time and is often a long drawn out process. There are many reasons for this.
How to Get Started
The first thing that you will want to do is to make a list of everything that you own. Your list can be as detailed as you would like. This is the best way to accurately make sure that you get half of everything that you own. If you do not make this list, then there is a good chance that someone is going to end up getting more than their fair share. If property is not something that you are concerned with then you might elect to allow your ex to take what they want. However, if you want to make sure that you are both treated fairly then you might want to make sure that you both get what you deserve.
File the Right Paperwork
Depending on what state you are in, there will be some type of financial and property paperwork that is requires for your divorce. You can find out what paperwork is required where you live easily and then have it filled out with all of the information. This paperwork usually discloses all bank accounts both joint and separate, trusts, any property both personal and joint, and any major items that are worth enough money to be considered an asset.
Things to Remember When Dividing Debt
There are times when you might think that the right thing to do would be divide the entire amount of debt in half. Many people think that stating that each party has to pay off a percentage of the debt (typically 50% each) is the right way to do this. Often times this is not a good idea because if the debt is based on one person’s credit. The issue is that the creditor does not have to agree to any of the divorce paperwork. So, in the end the person whose name is on the credit card is the one that they hold accountable. This can cause financial ruin to you if your name is on something and your ex is ordered to pay and doesn’t. Many people do not realize that this is the case. You can avoid these issues if the judge orders the other to pay the responsible party directly.
What You Need to Know About Pensions
Pensions are also considered part of the marital property. This is the one thing that ends up being the most valuable during a marriage. In many cases it is actually worth more than all of the other assets combined. Make sure that you fill out required paperwork if your soon to be ex has a pension plan. If you and your ex cannot agree on the terms of pension plan division, a judge can decide for you how you will have it divided. This typically means that your ex will be required to send you a check each month. Now, it is a good idea to make sure that your bills are paid out of the previous month’s check or with your own income. The reason for this being that in most cases your ex will be given a day of the month to send you the check by, but it is very rare that they will be punished if they end up getting the check to you by the end of the month.
Deciding how to divide your assets during a divorce can cause a number of fights. Doing the work and filling out the necessary paperwork to ensure that you get what you deserve takes it out of your hands. Typically, this is the best way to ensure that things are done fairly.