8 tips for dividing marital property during divorce

Getting divorced is stressful and upsetting enough, but then you have asset splitting to deal with. You can never simply call it a day and walk away, and as a lot of people know, divorce asset dividing can be an extremely frustrating and long-winded experience. This is the last thing you want, which is why we have outlined some steps for you to follow below to ensure that everything goes as smoothly as it possible can.

divorce

  1. Understanding how assets get divided in a divorce – Before you can consider your own situation, you first need to understand how assets are divided in a divorce. You need to know the difference between marital property and separate property. The latter applies to any property that was owned by you or your partner before you got married, any inheritance received by the wife or husband, either before or after you were married, and any gift from a third party to the wife or husband. You also need to make sure you not only consider current value when it comes to property split, but short-term and long-term value.
  1. Hire a professional – The next step is to use the services of an expert, such as Taylor Brunswick Group. They will make sure that everything is handled above board, and they will ensure that everything is split as it should be. You could easily get taken for a ride if you do not have an expert in your corner.
  1. Identify martial property – You should then make a list of everything that you and your spouse own. Remember, this relates to martial property, not separate property. You do not need to include anything that does not have any significant value.
  1. Determine asset value – Once you have identified everything, you then need to determine the value of your assets. This will ensure you can split everything up fairly.
  1. Decide on the logical owner – You should then think about the logical owner. Of course, for some things it can seem like there is no logical owner, as you both want the asset in question. Nevertheless, if one of you works from home and another has an hour long commute every day, it seems more logical that the latter takes the vehicle.
  1. Dealing with investments – Investments can be one of the trickiest things to divide. For example, you may have an IRA that belongs to both of you. If you were to take the money out and then divide it between both of you, you could then make a significant financial loss. In some cases, it can be better to split the money based on cash value without liquidating them.
  1. Do not fight on the small things – Do not fight over the small, insignificant things. Most people do this for fighting’s sake because they are hurt due to the divorce, but you are only longing the process out and making it more painful.
  1. Don’t hide your assets – Last but not least, make sure you do not hide any of your assets. It will come back to bite you!

Author Bio

Nick Smith

Managing Partner in Taylor Brunswick Group. A Hong Kong-based wealth-management firm that offers expert wealth management advice that will increase the potential to maximize growth for any individual or businesses.