After sharing lots of memories and love with your partner, it may reach a point when the marriage becomes rocky, and you have no other choice but to end it. Unfortunately, divorce isn't as simple as packing your things and leaving. Instead, it involves many legal processes, and you still have to split any property you acquired during the marriage.
Splitting marital property can be a tricky process, which is why you need a few tips to help you do it right.
Keep It Civil
Divorce tends to be bitter, but the process can be a lot smoother if you keep it civil. You can talk it out with your spouse and develop a plan to split up the property. If you can reach a settlement plan with your partner, you'll save a lot of time and money that would have been used in the litigation process.
Even if you are both civil with one another, it might still be a good idea to get a divorce attorney involved. An experienced attorney will provide guidance, mediate, and ensure both spouses find a fair agreement.
Understand How the Legal System Categorizes Assets
Before you begin itemizing your assets, you should differentiate between separate and community property. Any assets acquired during a marriage are classified into community (marital) property and separate property.
- Marital Property: These are assets that were earned or acquired during your marriage. It can include physical property, income, money placed in a joint account, and retirement earnings.
- Separate Property: These are assets that you and your partner own individually and have never been shared. It can include property acquired before marriage and gifts given during your marriage. Assets that are acquired after legal separation are also classified as separate property.
Be Fair and Honest
If you want the process of splitting marital property to be smooth, you have to be open, fair, and honest. The legal teams have to take an inventory of everything you've acquired as a couple. Trying to hide property won't work because a divorce lawyer can identify such assets. Try your best to be forthcoming with the legal team and you won't have to worry about the division of assets.
Don't Bother about the Little Stuff
It makes no sense to spend thousands of dollars bickering over small assets. You can replace such assets at a cheaper cost. But if you choose to fight it in court, you'll end up spending a lot more money on unnecessary stuff.
Keeping things in perspective can ease the property division process during your divorce. Apart from applying the tips above, seek advice from an experienced divorce lawyer.