Getting married is often seen as uniting two people and their lives. Unfortunately, not every marriage works out, and couples sometimes find themselves getting divorced. Recent statistics show that the divorce rate has increased to 2.3 per 1,000 people.
Divorce can be a challenging and stressful process, made even more complicated when property division becomes an issue. When a married couple decides to go their separate ways, they must go through the process of dividing up their shared assets. This part can be a difficult task, especially if the couple has a lot of property or if they cannot agree on who should get what.
If you are going through a divorce and need to divide up your shared property, there are some things you should keep in mind. Below are some legal ways to divide properties after divorce.
Asset division.
Especially for divorcees with a lot of property, figuring out who gets what can be a complicated decision. One way to divide your assets is to list all the property you and your spouse own together. Once you have made this list, you can start to figure out who will get which assets.
You may also consider hiring a mediator to help you and your spouse agree on asset division. A mediator is a neutral third party who can help you communicate and negotiate more effectively. You can find one through your local courthouse or bar association.
Many partners skip this legal way to divide assets and end up making an unfair division or costing themselves a lot of money in the long run. So, consider this step if you don’t want to go through the tricky process of negotiating who gets what. Besides, a peaceful resolution is always better than a lengthy, expensive court battle.
Sell and split the proceeds.
If you and your spouse couldn’t make amendable decisions about who gets what assets, then selling them and splitting the proceeds may be a better option. However, this resolution is often the last resort for couples who can’t seem to agree on anything. But remember that this may not be the ideal solution, especially if you’re attached to certain assets.
Another thing to consider is how you will sell the property. You can either do it yourselves or hire a real estate agent. If you go the DIY route, it’s essential to be transparent with each other and agree on a fair price. But if you’re not sure about pricing, then hiring a real estate agent may be a better option.
Nonetheless, selling and splitting the proceeds is a legal way to divide assets after divorce, so consider this method if you want to avoid the complex process of asset division.
Keep the property and buy out your spouse.
If there’s a particular asset that you want to keep, then you may be able to buy out your spouse’s share. It’s a smart way to keep the property without going through the hassle of selling it.
But before you make this decision, there are a few things you need to keep in mind. First, you need to have the financial resources to buy out your spouse’s share. Second, you’ll need to agree on a fair price for the property. If you can’t come to an agreement, you may need to hire an appraiser to help you determine the property’s fair market value.
Once you’ve agreed on a price, you can buy out your spouse’s share and keep the property. But remember that you should not take this decision lightly since it will have long-term financial implications. So, make sure you are ready and able to take on this responsibility before making this choice.
Seek court decision.
Sometimes, no matter how hard you try, you and your spouse can’t agree on who gets what. Suppose that is the case; a court decision might be the only way to divide your assets. The court will look at several factors to divide your property, such as the length of your marriage, each spouse’s financial needs, and whether minor children are involved.
But before you take this step, it’s essential to understand that going to court can be time-consuming. It’s also important to note that the court’s decision is final, so you and your spouse must be prepared to accept the court’s ruling.
However, working with an experienced family law attorney can give you an advantage. This professional can help you understand the court’s decision-making process and protect your rights throughout the legal process.
As you can see, there are several legal ways to divide assets after divorce. So, if you’re going through a divorce, make sure you understand all of your options before making any decisions. And always remember to seek professional help if you need it. It’s no secret that divorce can be a complex and emotionally charged process, so don’t hesitate to take advantage of resources that can help you through it.
