couple on divorce process

3 Tips to Consider When Dividing Property During a Divorce

The first step of distributing property is taking an inventory of all the marital property and any other assets that you have acquired as a couple. One thing to note is that if you inherit or buy any property before the marriage, it may or may not be regarded as marital property. To ensure that you are not penalized, it is essential to be honest on all the money you have in your bank account.

Look for an attorney

There are numerous business attorneys in Salt Lake City that a person may hire to represent them in property related hearings. A lawyer will help you come up with the best strategy to amicably divide all the marital property. The hired attorneys may evaluate the properties, savings, and other investments and come up with a piece of unprejudiced advice on how to divide all the assets. When it comes to finances, your lawyers may engage a divorce calculator to help them determine the financial situation of the two parties involved. The divorce calculator will determine how much money each spouse has in their bank accounts and whether either of the parties has any debts. The report from the divorce calculator will guide the lawyers when splitting the finances. The lawyers may consider any additional factors which they feel are crucial to determining the final percentage ratio to be acquired by each party.

Value your property

The best way to divide your property during a divorce is to determine how much each property is worth. Valuing your property is very important, especially if you have real estate property and other tangible assets like cars. You need to agree with your partner on the value of each property before you decide on how you are going to divide the property. If you cannot agree on the value of your marital property, you can hire an independent appraiser. Having information on the value of your property makes the divorce proceedings easier, especially if one party decides to take the case to court. Otherwise, the court case may carry on for up to a few years, which tends to increase the incurred attorney fees.

Have a list of assets

home property

The easiest way to split your marital property is for each partner to come up with a list of assets and identify who should get a specific property following the divorce. You can both join forces and compare the lists so that you can determine who should get a specific property. Transparency is essential during the process. Both parties must come clean on all the assets they have acquired during the marriage, which also includes other things like insurance policies, pensions, and retirement accounts. If you had a property settlement before your marriage and you find out that your partner did not divulge an asset, you have the right to sue your partner.

The process of dividing property during a divorce is very emotional, and it can open many healed wounds. It is, therefore, essential to handle such proceedings with significant levels of maturity to prevent any conflicts in the future. When it comes to disclosure, honesty is paramount.