Separating Assets in a Divorce

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Separating Assets in a Divorce

One of the most complex parts of any divorce is dividing assets. Clothing, jewelry, and items of that nature can easily be claimed, usually without argument. However, when it comes to vehicles, houses, and other assets that were jointly owned or earned together, where does one draw the line? No one drives half a car anymore than one can take part of a house with them to a new location. Dividing assets can be very complicated, often requiring mediation and attorneys.

Make a List of Assets

In any divorce, it is necessary to have a complete list of all assets. Joint assets such as homes, vehicles, and electronics should be easy to list. However, there are items many people forget to include, such as bank accounts, stocks, securities, retirement plans, joint insurance policies, and more. Financial assets are often the biggest point of contention as one party may feel entitled to them, when in fact they are jointly owned. Remember to make a list and go over the items thoroughly to ensure you don’t forget anything.

Be Polite but Firm

If at all possible negotiate an agreement on how assets should be divided. When it comes to negotiating a division of assets, spouses often communicate through their respective attorneys to reach an agreement. Reaching an agreement is preferable to an impasse, because that can lead to a costly and time-consuming trial, at which point the ultimate decision on how to divide assets will be left to the court.

Disputes over Assets

When spouses are not in agreement, a divorce mediator will usually try to reach a settlement of assets. A divorce mediator is a neutral third party who will look through the list of assets and go over any supporting documentation or deeds to show ownership, working with attorneys on both sides to reach an amicable agreement. With assets like retirement plans, it may be necessary for an attorney to include a Qualified Domestic Relations Order (QDRO) to help determine who receives what portions of those plans.

To accurately and adequately divide assets in a divorce, you need a team with the experience to negotiate and achieve the results you want. Contact Goodwyn Law Firm today.

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