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Ways to Determine How Property Should Be Divided During a Divorce
Your property should be divided during your divorce as equally as possible, because the court will be looking for a fair and equitable division of assets prior to approving your final agreement. If your property division favors one partner over the other, the court may require revisions. Don’t fret, however. Dividing your marital property isn’t too complicated if you follow some basic guidelines.
First, you need to determine all of the property to be split between you two, and it’s important to keep in mind that property means your financial assets and debt as well. You’re not just deciding who gets the house and who gets the car, you’re also dividing your financial holdings, including your joint bank accounts, and your credit card and other debt.
The easiest way to do this is to sit down together, and with your respective counsel if necessary, and make a list of everything you own and everything you are paying off. Include in this list all of your belongings, no matter how small, your financial accounts, retirement accounts, debt accounts and any other property you hold together.
Next, each of you should make a list of your individual property. This might seem strange, but there are valid reasons for this. Remember, the court is looking for an equitable distribution in your divorce, and you need to isolate what is yours solely, or what you might be able to use as a bargaining chip should your spouse dispute the proposed split of assets.
One of the easiest ways to keep things fair and equitable is to attach the value to each piece of property so you can see how everything adds up. You’ll use actual balances on your debit and credit accounts, and the fair market value for all of your tangible property. Your attorney can help you assess fair market values properly.
Once you have everything listed and valued, you can divide the property into fair increments. If it’s difficult to split things down the middle, juggle the assets. For example, if your spouse is getting the house, which has a very high value, and you only get a few pieces of furniture, he or she could absorb more of your debt in return for the higher-valued property.
These are just a few ways you can divide your property in your divorce. Visit this website to discuss your separation with a property division attorney in San Diego. He or she will be able to guide you to a fair and equitable property distribution.
Paul advises people on divorce and family law matters. You can find his thoughts at Livejournal blog.
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