Even when it’s the best solution for your future, divorce can be a stressful time in your life. You will likely face emotional and financial turbulence as you attempt to navigate debates ranging from parenting time to the division of credit card debt.
For divorcing parents, issues directly impacting the child are typically front-and-center. From developing a holiday schedule to deciding appropriate pick up/drop off times and locations, parents can quickly become mired in numerous details. For all couples, however, the prospect of financial peril will likely take the lion’s share of the divorce mediation discussions.
Property division typically centers on the assets a couple has acquired over the course of the marriage. Marital and non-marital assets, of course, must be separated, but assets that must commonly be divided are the following:
- Vacation properties
- Antiques, furniture or other collections
- Family business
Several types of marital property add a layer of complexity to divorce proceedings, including:
- Stock options
- Substantial debt
- Retirement accounts
- Real estate negative equity
Many individuals attempt to circumvent the system with hidden assets such as offshore or numbered accounts, safe deposit boxes or shell corporations. You are wise to fight to uncover any assets that must be divided to achieve an equitable split of marital property.
A divorce can be a complex process complicated by heated emotions and long-standing disputes. It is wise to work together – as challenging as that sounds – to reach a beneficial compromise regarding asset and debt division. Dividing property can also make other financial considerations such as spousal maintenance and child support more straightforward.