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Paul O’Donnell | paulodonnell

Tips for a Successful Property Division

Jun 5th 2015 at 10:34 PM

The process of dividing property during a divorce can be tricky. Often, it is not just about your financial situation, but also about your emotional well-being and future. However, there are some steps that you can take to make the process easier for you.

First of all, when taking an inventory that you and your significant other have acquired during the marriage, be open. This may be difficult when you are about to go separate ways, but hiding marital assets may adversely affect your case later on. By law, you, as well as your spouse, are required to disclose all assets during property division. Avoid being penalized by being honest with each other from the beginning.

Second, think about what you need, not what you desire. Property divisions that are based on the real world needs, including basic survival, health insurance and child care, are less likely to be overturned in court. Know exactly how much you spend on a monthly basis and compare it to your income in order to effectively argue for your case.

Third, consider what has sentimental value and what has practical value. For example, you may want to keep the house in order to minimize change for your children or because of the memories associated with it. However, it could negatively affect your finances. Once you have the house, will you be able to pay for the mortgage? What other things that may be more urgent than a house will you have to pay for?In some situations, liquidating assets could help your family's future in practical ways.

Fourth, property division not only includes assets, but also debts. It is ideal that you and your spouse eliminate any debts before completing the divorce.

Lastly, consider the total cost of your divorce, financial and emotional. The longer the process it takes and the more disagreements you and your spouse have, the more you will be paying. Also, the more time you will be spending on something that you are trying to leave behind.Try to look at the bigger picture, instead of getting hung up on little things. In some cases, property division can be completed through negotiation rather than litigation. Each spouse's attorney will help reach settlement, presenting the client's position and negotiating until an agreement is achieved, either through in-person communication or correspondence.

Each state has a different set of divorce laws, so it is best to contact a law office in your state. Look for an attorney who specializes in the field of family law. To find out more information on an experienced lawyer in San Diego, visit the website.

Author Bio:-

Paul advises people on divorce and family law matters. You can find his thoughts at Tumblr blog.

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