During your divorce, one of the more tedious parts of the process is dividing your assets. Depending on the nature of your current relationship, you may not agree on how to go about this process. The following are some methods you can utilize to help make the process somewhat easier and more fair for both of you:
1. Compile a Comprehensive List of Assets
To begin, you should both create a list of all your assets with as much detail as possible. This list should contain all tangible property you need to divide along with copies of receipts if you have them. Also, include a list of both of your investments, credit card accounts, pensions, retirement accounts, and the like. Be sure to include account numbers and other identifying information.
2. Use Common Sense for Tangible Property
The asset division phase is not a time to be spiteful with your former spouse. Although you do not have a marital relationship, you should still maintain a civil relationship throughout the process of dividing your assets. You should never purposely try to obtain certain assets to spite or hurt your former spouse. Instead, utilize common sense during the division. For instance, if your spouse enjoys watersports and you do not, do not intentionally try to take a boat as an asset. The same goes for sentimental items that may mean nothing to one of you but everything to the other.
In cases like this, what you should do is divide the value of an item if it has any. In the boat example above, you are entitled to part of the value of the boat if you purchased it during your marriage. Be smart about how you divide tangible property to help avoid any battles and frustration.
3. Follow a Court Order
There are some instances in which neither of you will be able to work together to divide your assets. When this happens, you should discuss the issue with your attorney and request a court order to divide your assets. A court order can name the property each of you is entitled to and outline a way for each of you to take possession of your property. The downside of a court order is the legal penalties should you choose not to follow it.
4. Protect All Property While in Your Possession
When you have possession of any property before division, it is your responsibility to ensure it remains in the same condition while you have it, even if it will eventually belong to your former spouse. You cannot sell, alter, destroy, or otherwise change property. Even if you believe something in your possession is garbage, your former spouse may see value in it and want to have it as part of their divorce settlement.
For more information about diving your assets, contact a divorce lawyer.
Hello, I'm Phillip Kerr and I just love the legal profession and courtroom drama. Have you ever watched judge shows on TV? I know that these shows are not an accurate representation of the courtroom, but there is something you may have noticed. Some individuals come into the courtroom well-dressed, articulate, respectful and with the knowledge and documents necessary to support a case, while others come unprepared, slovenly dressed and appear as if they do not have a care in the world. How you present yourself and the knowledge that you have of the law will have an impact on how you are treated, even if you have legal representation. This blog is designed to assist those who are going to trial in doing just that.