Divorces are common. Experts estimate about forty to fifty percent of all marriages will end in divorce. For many people, one of the biggest issues about divorce is the financial aspect. A divorce can be expensive. It doesn’t have to be. There are many ways to make sure each party to the divorce and protect their assets.
Each party to the divorce can take steps to ensure they get the results they want once the divorce is completed. It’s imperative to begin on the right foot. It’s also imperative to make sure each party knows what’s really important to them as the divorce continues. Knowing what people want from the procedure is the best way to feel satisfied after both parties have signed the divorce papers.
A Prenuptial Agreement
One of the steps that any married couple can consider before they decide to get married is to get things in order before they begin. A prenuptial agreement is an agreement that both parties undertake to agree what they’re going to do with any marital assets before they start. The agreement needs to meet certain criteria before it can be considered valid. A divorce is the ideal time to bring out the agreement and show it to the other party. Keep in mind it can be challenged under many varied circumstances. It also only covers assets before the couple married.
Take An Inventory
As the marriage heads to divorce, now is a good time to examine the couple’s items. Have a close look at all areas of the home. Assets may include items such as furniture, jewelry and art. It can also include the overall value of the home’s equity as well as any businesses the two members of the marriage own together. You’ll want to do a financial inventory of things that may only be owned by one party with the other getting survivorship rights. That can include contributions to a workplace retirement account that are only in one person’s name.
Outside Valuations
Now is also the time to have someone who can act as an outside evaluator. You can bring in someone to offer an accurate housing appraisal. This is a good way to create numbers that both parties can agree on when it comes to deciding how to dispose of what is one of their most valuable assets. Other items can also benefit from having someone to offer a price that is as fair and neutral to both members of the marriage. This may include items such as antiques and the value of a business that employs either one of the parties as well as other people.
Decide What’s Really Important
A divorce may mean walking away from things that are really important. One party might need to move from a home where they’ve lived and raised a decade for over a family. Some assets are more important to one person. One person may have spent years restoring a classic car. Another person might want to keep the rocking chair and jewelry her grandmother left her. It’s a good idea to think closely about these things as the divorce continues. This can help anyone decide what matters most to them as they decide to part.
Offer to Negotiate
It’s crucial to remember that everything is up for negotiation when it comes to parting with assets. In an amicable divorce, each party can often come to an easy agreement. Sometimes, however, the divorce is more contentious. Couples may argue about the things they own and which ones each can take. Each party needs to consider the other party’s view. Chances are there are ways around it. For example, if one party wants to stay in the house, the other party can agree to let them but also agree to a reduced level of child support in turn. It’s all there.
