One of the most difficult things that you have to do during a divorce is dividing the property. This includes any property that was acquired during the marriage.
Unless you have a prenuptial agreement in place, you and your ex will have to go through everything to determine who will receive what in the divorce. As you go through this process, think about these important considerations.
Assets and debts must be divided
Property division doesn’t include only the assets that you amassed during the marriage. You’ll also need to divide the debts. In many cases, couples start off dividing the larger assets and then use the smaller assets and the debts to balance out the division.
When you’re considering how to divide things, consider liquidating some assets to pay off the debts. If debts remain after the divorce, they’re assigned to someone to pay. Creditors don’t have to abide by the division order, so they can still hold both parties liable for joint debts. This means your ex not paying for their assigned debts would lead to negative marks on your credit.
Logical thoughts should be a priority
Certain assets, such as the marital home, may have an emotional connection. You can’t let those emotions rule as you go through property division. Instead, think about how the options you have will affect your life and finances now and in the future. This may help you to make decisions that are in your best interests.
Property division is often one of the most challenging parts of a divorce. Working with someone who can assist with this may be beneficial since they can work through the options with you.