Know what factors impact property division agreements

On behalf of Stange Law Firm, PC posted in Divorce on Friday, April 17, 2020.

The property division process that occurs during a divorce can be relatively simple for people who don’t have considerable assets. For those who do have a lot of assets, the split can be rather complicated. Anyone who’s going through a divorce should ensure that they’re prepared for this process.

One of the most important things for you to do is to know exactly what needs to be divided. As part of the divorce filing, you’ll have to fill out a document that asks about the assets and debts. You have to be completely truthful and accurate when you report this because any misstatements can impact the outcome of the division.

Gathering important documents, such as financial account statements, loan documents, deeds, credit statements and similar paperwork can help you to ensure that you don’t miss anything. If you know of assets and can’t find the documentation for them, you should still report them.

Before you go into the first meeting about the property division, you should have an idea of how various assets might impact your future. Try to think logically about this because there’s a chance that what you want emotionally might not be what’s feasible from a financial standpoint. For example, keeping the vacation home might seem like a good idea until you realize the impact it will have on your bank account because of the mortgage fees, insurance and upkeep costs.

Your divorce is a fresh start for you. Try to make decisions that will make your life easier in the long run. While this might impact you in the short-term, being able to have that stability might be beneficial.

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