How should you divide assets in a divorce?

On Behalf of | Jan 24, 2020 | Divorce |

When you and your spouse separate, it is necessary to uphold fairness in property division. Both of you have to sit and agree on a workable plan to help you divide the marital property equitably. However, even after agreeing, a judge has to issue final orders before sharing the property legally. 

Property division becomes successful when both parties feel satisfied with what they receive. Therefore, the division of property in a divorce should be equitable in all aspects. Finding balance is the difficult task here, but if you follow the right steps, both of you will agree on a plan. 

Steps to follow in dividing property 

Before you start distributing the assets, jot down a list of all your assets; separate and marital. Then go ahead and identify the marital property and what remains as separate property. Assign a fair market value to each item to help determine the total value of the property. 

Particular concerns in property division 

Some spouses agree to divide property equally and pay off debts locally. It may not be a healthy option if you do not exercise caution. However, it can help if you agree first to sell a property and pay off debts to avoid one party inheriting debt, causing potential problems. 

Also, after clearing the debts, get new credit cards and make balance transfers to avoid negative ratings on the joint cards. These unique concerns should be kept in mind when you are dividing property. Most conflicts in the division of property mostly relate to a spouse inheriting debt from a divorce.