Tips for Splitting Assets Following a Divorce

Going through a divorce is easily one of the most stressful events in a person’s life. Whether the divorce is contentious or not, there is often anger, hurt, a sense of loss, and stress that surrounds this time in life. If the two of you share children, it adds a whole other layer to the mix that can seem overwhelming at times. One of the toughest parts of the divorce is when it comes to splitting up the assets. There are those items that will be cut and dry, while others can lead to fights and arguments over who should be allowed to have the asset.

So, how can you split up assets following a divorce in as civil and fair of a manner possible? Here are some tips that will help you to get through this period of your life.

Create an Inventory List

A great place to start is with an inventory list that includes all your assets. Assets can include anything from property, to land, to bank accounts, vehicles, furniture, electronics, jewelry, collections, and more. And what happens if you don’t think your ex-spouse is being forthright about the assets they may own? This is when it can be helpful to look into assets records.

The PublicRecordsReviews site makes it possible for you to type in a person’s name and find their assets. This is a great way to ensure there is nothing missing off his/her inventory list that should be divided between the two of you. You can validate information here and ensure you’ve got a complete list to work from. Keep in mind that assets records will only show ownership on vehicles, land, and properties, but this can still be very helpful.

Contact a Divorce Attorney

It’s also a good idea to contact a divorce attorney as soon as possible as they will be able to guide you through the process. There is more than just dividing up assets; there is also the division of debts. The two go hand-in-hand in most cases.

Your lawyer will also be able to speak to you about family property versus assets and debts that are separate and treated differently. There may be some gifts or even an inheritance that doesn’t fit under the typical family property umbrella, so they may not be subject to division.

See If the Two of You Can Come to an Agreement

This part of the divorce can get quite contentious and drawn out, so this could also be a good time to touch base with one another, even through your lawyers, and agree to come to terms as quickly and stress-free as possible. Keep in mind that may mean that you have to make some sacrifices and vice versa. This is really the only way to keep things on an even playing field.

If you have any items that hold special meaning to you, you can also discuss these with your ex and see if they are willing to let you have them. Perhaps a particular piece of artwork or furniture holds meaning to you and you want to be able to keep it. If the two of you are at least keeping things civil, then there is a higher chance you’ll be able to work something out.

Get Everything in Writing

Even if the two of you have split up in a cordial manner and there is no fighting happening, be sure to still get all the division agreements in writing. This is not the time for a verbal agreement. Even if you just hire an attorney to help with this portion of the divorce, it will be well worth it. Getting things in writing ensures neither party can come back with issues later on.

Get Separate Accounts and Cards

This is also the time to end all joint bank accounts, credit cards, and a mortgage. This is part of the division of assets and should result in just one name on those items. You want to be sure you are completely independent of each other. This is a process that can take time and includes a lot of paperwork, so the faster you get on it, the better for both parties.

It May be Best to Sell the House

If the two of you share a home, it may be worth considering selling the home at this point. Keep in mind that if one person were to get the house, they will need to essentially buy out the other party’s share. This can be extremely expensive, and ultimately not worth it in the end. Selling the houseand splitting the profits (if applicable) gives everyone a fresh start.

Stick to the Plan and Don’t Get Overwhelmed

At the end of the day, it’s important to stick to the plan, stay focused and not allow yourself to get too overwhelmed during the process.