Tips For Dividing Marital Assets During A Divorce

If a pre-nuptial agreement was signed before marriage, the distribution of marital property will be distributed according to the provisions of the contract. However, if a pre-nuptial agreement does not exist, you and your spouse will have to decide together on how to divide the marital property.

While it can be easy to decide who gets to keep the home, dividing other marital assets will probably be the most difficult task you will face during the divorce proceedings. But, if you and your spouse can agree on how to divide the most contested assets, you may be able to achieve a smooth divorce. Below are tips on how to make the division of assets less complicated.

Make A Complete List

The process of dividing marital assets commences with taking an inventory of all that a couple has managed to acquire together during marriage. Anything owned before marriage does not count as marital property while some states consider assets inherited during marriage as the sole property of the spouse who inherited them.

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It is wise to talk to a lawyer to better understand the different laws regarding marital property in your state so that you can make a comprehensive list of all joint marital property.

When taking an inventory of marital property, it is best for both spouses to make the list together. Being fair, honest, and open is the best path to take while listing jointly owned assets. Trying to hide marital assets can later land you into serious trouble; therefore, it is best to reveal everything at the beginning of the process.

Settle Any Existent Debts

The presence of mortgages, loans, or any other type of family debt can make the division of marital property even more difficult, as each spouse will try to pin the debts on their partner. For this reason, it would be best if debts can be settled before the division of marital property begins.

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This can be done by selling some property or assets and using the money obtained to clear debts. However, if it is not possible to settle debts, then the couple has to agree on the fair distribution of debts. Hiring family lawyers Aberdeen can help in the fair settling or distribution of any existent family debts.

Play Nice

Settling matters outside court is the most efficient and inexpensive way of dividing marital property. Therefore, if you are interested in getting a fast and easy divorce, you should be willing to co-operate with your spouse.

If both of you can agree on the division of your marital property in an amicable way, you will be able to avoid the expensive and slow process in which a court determines the distribution of assets.

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When you and your spouse cannot come to an agreement on how to distribute your property, hiring a mediator or attorney can help you work through any sticky issues.

Before a divorce is granted, all marital property must be divided in a manner that is fair and satisfactory to both spouses. Following the above tips and hiring the services of an experienced lawyer can help make the process less difficult.

Innes Croft is a long-time freelance writer who decided to start writing articles offering advice about divorce after undergoing a messy divorce. She also writes for a variety of legal experts including, that provides the best family lawyers Aberdeen.

Categorized as Finance, Law

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