How To Best Deal With Asset Division During A Divorce

When going through a divorce, the most complex part is the division of your assets. This can be problematic for both of you, especially if you purchased assets during your marriage. If you disagree over who gets what, it can be a fight to get what you want. Fortunately, there is a way to get through the process with relative ease. Here are some tips.

Make a List

To best deal with your assets, you first need to make a detailed list of all your assets. Include the fair estimate value of each item. You also need to include things like bank accounts, investments, and other financial assets. You should each have a copy of the list, and provide a list to your respective attorneys as well.

Attempt to Work Together

When it comes to your physical assets, try to work together to divide your items. This includes the division of basic assets, such as furniture, photographs, and other personal effects. When it comes to high value assets, such as boats, vehicles, or jewelry, it is best to deal with those items through the legal process.

Follow a Settlement Agreement or Court Order

If you cannot agree on any sort of asset division together, you should work with a mediator or obtain a court order to help with the asset division process. You can do this through a settlement agreement. This agreement lists the property you can each take and the method you will use to obtain the property.

If you do not use a settlement agreement, you can use a court order. A court order will specify what you can collect and at what time. If you fail to follow a court order, you can face a contempt of court charge, so you have to follow it carefully. In all cases, it is important to work with your attorney when choosing a method for dividing your assets.

Take Care of Property Until the Division

You have to adequately care for any property in your possession before it is divided, even if it is not yours. You are obligated to preserve any property belonging to your spouse. This means you cannot destroy, sell, or get rid of anything until after the official property division has taken place. When in doubt, hold onto everything until your former spouse has had a chance to go through it. Then, have him or her dispose of what is unwanted so you do not take the blame for getting rid of assets that were not yours.

For more information, reach out to law firms like Scott & Scott, PC

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