Property division is one of the biggest challenges for many people going through a divorce. This is often hard to work through because there is so much that has to be split. You have two primary options when you are working through this.
First, you can battle over every single asset that is marital property. Second, you can choose what to try to get your way with and let the rest fall by the wayside. The way you handle this can have a significant impact on the ultimate outcome.
Determine what you can afford
Not all assets are free to keep, so you need to prepare a budget to determine what you can afford. Once you know this, you can decide which assets you are going to attempt to keep. Be sure to think about factors like insurance, taxes and upkeep costs. Also think about other assets like stock options, retirement accounts and investment portfolios.
Bypass the emotional decisions
The emotional decisions that come with a divorce are often the ones that can have the most significant negative impact on you. Think about the practical side of matters when you are determining how to handle negotiations. For example, your children might have grown up in the marital home so you want to keep it. However, it might not be feasible if the mortgage and other costs are going to be too high for you to handle comfortably.
Negotiate properly
Always start out by asking for more than what you are willing to accept. This gives you room to negotiate. Remember that your ex will do the same thing. Know which assets you really want to fight for so that you can focus on those. Let your ex have their own way with the others. You probably won’t get everything you ask for, so you need to have your priorities set at the start of the process.
Include debts
Divorce doesn’t give you the chance to forget about your obligation to pay off debts. The marital debts must be split. You can use these to balance things out after you get the assets handled. Think about how much you have to spend so that you know where your budget stands.
Throughout the property division negotiation process, you must protect yourself. You have rights and responsibilities, so ensure you are considering these while you negotiate. Ultimately, you need to do what is best for your needs. Make sure that your team is ready to help you accomplish this.