Dividing marital assets may be one of the hardest things a divorcing couple could face, since shared properties such as home, vehicle, benefits, and even furniture must be equally split. Apart from this, a lot of factors (like the property’s dollar value and the spouse’s long-term financial security) should also go through careful consideration.
Defining Separate and Marital Property
In the event that you and your ex-partner are ready to divide your assets, both of you must identify each party’s Separate and Marital Property. Separate Property consist of the assets that you received prior marriage. This may be a gift, an inheritance, or an asset you purchased while you were still single.
Marital Property, on the other hand, consists of all income and assets that you and your partner acquired during marriage; some examples are real estate, vehicles, pension plans, bank accounts, and tax refunds. In states like Utah and Denver, a divorce attorney is necessary before presenting and identifying such case in court.
Properly Planning the Division of Assets
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Some divorce cases end terribly because one or both parties refuse to identify and divide assets accordingly. Sometimes, this could even result to another legal case. Soon-to-be-divorced-couples can prevent this by planning the division of assets properly. One of the best ways to do this is by preparing a divorce worksheet, which you and/or your attorney can prepare and regulate.
When working on a divorce worksheet, particularly for real estate and automobiles, do not forget to include the date of purchase, the purchase price, how much you’ve contributed, the expenses you’ve shouldered, plus loans and mortgages if there are any. By identifying these elements, you and your ex-partner may reach a just and satisfying decision.
Divorce is never easy, especially when assets are involved. Make the process easier by not only seeking legal services, but also by being truthful and cooperative. Remember that an awful marriage can sometimes end smoothly, too.