Once you decide to divorce, you should turn your attention to the process itself and the decisions you need to make. For most people, matters of property division immediately come to mind, as they don’t want to miss out on something that they’re entitled to.
The most important thing you can do is get in the right frame of mind. Most importantly, you won’t receive every asset. You need to negotiate and compromise, as this is the only way to put your divorce in the past.
Here are some key questions to answer:
- What do you want to do with the family home? Some people fight over this, as both individuals want to stay in the home. In other cases, the couple decides to sell the home and split the proceeds. Of course, there are also times when one person stays and the other one moves out. There are many options to consider.
- Do you have a property division checklist to guide you? This outlines the many assets that require division, broken down into categories such as financial assets, real property, personal property and business assets.
- How will you deal with debt? Just as you have assets to divide, the same holds true of debt. This can include things such as a mortgage, car loans, credit-card debt, home equity lines of credit and personal loans.
Going through a divorce is difficult, but preparing yourself as soon as possible can help reduce some of your stress.
You can expect to face challenges regarding property division, so learn more about the process and your legal rights as soon as you can.