When couples end up in divorce, not only it means that their partnership is terminated. It also means that properties previously shared by the couple will be divided. While the original owner can keep the properties acquired before marriage, the properties that have been purchased after the wedding are often subject for division upon divorce. Couples going through a divorce should determine how their properties will be divided, how to find hidden assets, what will happen to shared debts, what happens to the family house, effects on insurance policies and so many more. Dividing properties is sometimes a tedious process that can cause conflict between couples. So if you'd like to keep control on how to split your properties, it's best if you would work together. If you don't reach an agreement, most likely, the court will decide. So here are some ideas to keep the process as simple as possible without hating each other.
Keep it civil. This may be hard, especially when the divorce caused so much pain and troubles. However, if you can control yourself and not allow harsh words out of your mouth, you’ll become more rational and can negotiate properly. Try to be mindful of your tone and choice of words so that your interaction and communication can go smoothly. Remain focus and avoid or minimize areas that can trigger emotions that will end in a quarrel. Tackling the issue in a civilized manner is very important. The process will go by quickly and easily if both of you can reach a settlement without having to go the court.
Seek an attorney for help. It's a good idea if you and your soon to be ex-spouse hire an attorney to represent each other. These lawyers will provide guidance, mediate, and will help to ensure that you will reach a fair agreement. Your lawyer can help you find a way to plan for the future and suggest the best strategy based on your personal situation. These divorce attorneys will take a look at all your assets and will offer advice on how these properties will be divided. Note that there are factors to be considered before reaching an outcome, especially if this involved children.
Be honest and open. Division of properties always begins with taking an inventory of all properties you have acquired during your marriage. This includes bank accounts, insurance policies, vehicles, real estate, equipment, and anything that holds value. Don't try to hide anything. Divorce attorneys are usually more persuasive in identifying assets that are purposely hidden. One of the easiest ways to start is to create a list of all your properties. Both of you should have his or her own list and identify which of you should receive it. After that, you can then compare your list. If you have a dispute, work together to address it adequately so you'll reach an agreement as to who should own what. It’s better to lay all your card in the beginning. This is to keep you from being penalized later on the process. If ever you are done with the property settlement and later find out that your spouse was not totally transparent and have hidden some assets, you can have your case reopen. If your spouse is found guilty, he may face fines or penalties. Honesty is always the best policy when it comes to disclosing assets during the divorce.
If ever you won’t come up to an agreement on a particular property, try to come up to a deal on selling the property and dividing the profit. Agree on a specific value. If it's difficult to value, get the opinion from an expert.
If you and your ex-spouse can reach an agreement regarding how your properties will be divided with the help of your attorneys, the court will typically approve whatever agreement you have come up. But if one party agreed to take less and he or she doesn't have a lawyer, the court will interfere.
Going to a court for property settlement during divorce can be a costly and challenging process. And it will be hard to retain control. That is why it is advisable to explore every avenue possible and have your properties settled outside court. For couples who only have short marriage and don't have children, it could be a simple case of selling all the properties and divide the proceeds. But for couples who had a long relationship, have children and brought money into marriage, there's got be a division of properties, and it should be settled properly to make it fair for both parties.
Most of the time, the impact of the divorce can leave emotional wounds that take time to heal. And when it comes to property settlement, interacting with your ex-spouse can be overwhelming. However, it's best if you control your emotions in order not to ruin your relationship altogether.
