How is Property Divided in a Divorce?
When a couple decides to get a divorce, they must also decide how they are going to split the property they once shared. This can be difficult because after working so hard to acquire these things together, they must be divided or even given away. If you’re in the middle of a divorce and finding it hard to divide your property with your spouse, there are ways to divide your belongings in a fair manner.
How to Divide Your Assets in a Divorce
Before a divorce can be granted, all of the couple’s assets must be divided in a way that is agreed upon by both parties. This can get really difficult when it comes to the couple’s home, vehicles, securities, valuable collectibles, retirement benefits, and household items. But if you can both agree, it will make the divorce process quicker and easier. The following may help you divide your assets amicably:
Make a list
Make a list of all of your assets with your spouse. You should include your home or any joint property (land, a vacation home, lake cabin, etc), all vehicles, bank accounts, securities (stocks, bonds, money market accounts, CD’s), valuable collectibles, household items including furniture and appliances, and retirement savings and plans.
If you and your spouse can make a list in an amicable way and agree to how you’re going to divide your possessions you can save a lot of time and money. When there are property disputes, a third party has to be brought in to help you come to an agreement. Ninety percent of divorces are settled without a trial. Seeing a divorce mediator or hiring a divorce attorney can help you handle your property division.
Dividing the House and Car
The home and cars are often the cause of dispute in a divorce. The home is usually given to the parent with primary custody of the children if there are any. The car is more complicated and isn’t necessarily given to the spouse who solely holds the title. The car may become marital property and given to a spouse depending on how much it’s worth.