Divorce Dilemma: Dividing The Family Assets

Divorce is a difficult and life-changing situation for everyone involved. One of the most important things that have to be immediately worked out is the division of assets and property. If you and your former spouse shared your property, the division process may be somewhat daunting. The following helpful tips can help both of you get through the process with as little struggle as possible:

Be Aware of Family Finances

In many relationships, one person handles the bulk of the financial planning. If you are the spouse that does not do your family accounting, you still need to have access to all of the information on every account that you and your spouse share. This includes account numbers, passwords, bank names, and so on. If one spouse has all of the information, it creates an unfair advantage to the other once the division of finances takes place. Make sure to have copies of all of your financial documents in a safe place, and have an accurate balance of your liquid assets so money cannot be moved without being aware of it.

Have Your Settlement Insured

Insuring your settlement is an important step to take that many people tend to overlook or are not aware of. The goal of insuring your settlement is to determine what happens to it should you pass away and you or your spouse is paying child support or alimony. An insurance agent can provide you with accurate details on what you will need, which will largely be based on the settlement amount. Insurance is typically in the form of a life insurance policy that will ensure you still receive or pay those payments if the other spouse becomes unable to pay due to death.

Let Go of Emotional Attachments

In many cases of divorce, emotional attachment is an issue when it comes to certain items. The family home typically causes the most conflict. Happy memories were likely made there or perhaps the two of you designed and built it yourselves. It can be difficult to let go of something that holds so much emotional value. However, before fighting for the home, you first need to determine whether or not you can even afford to pay for it. If you cannot make the payments as well as the utility payments on your own without assistance from your former spouse, it is time to let go of the house, even if it seems emotional. Overall, you will be better off starting out fresh in a new place in your new life.

Facing a divorce is difficult and it should not be done alone. Consult a divorce attorney (such as William K Holman) with your questions pertaining to the division of assets or any other questions you may have about the process.