Property division has a reputation for being one of the most contested issues in divorce. But this doesn’t always have to be the case. You and your soon-to-be ex-spouse can agree on how to distribute your assets outside court.
Here are four tips to help you throughout the process.
List your marital assets
You and your spouse should each list your marital assets and compare them. If your list has a property not included on theirs, you should raise the issue. They may have forgotten about it or may not believe it qualifies as a marital property. Only move forward when you are on the same page.
The next step is valuing your assets. You may need to work with different specialists, especially if you have complex assets, such as a business, real estate and jewelry. However, you may also have one evaluator who will then work with the professionals.
This step allows you to value your assets, which will be crucial when making distribution decisions.
Learn of each asset’s tax implications
It will help to work with a tax expert to be informed of each asset’s tax implications. Two properties of the same value may not be equal. One may be subject to high taxes, leaving the party that got it disadvantaged. When you and your spouse have adequate information, you can make fair verdicts.
Be ready to compromise
Compromise is crucial when agreeing on property division outside court. This does not mean not protecting your interests, but giving your spouse the chance to also do so. Thus, you may need to compromise in some aspects.
You and your future ex-spouse can go through property division without conflicts. With experienced legal guidance, you can achieve this.