How To Deal With Property During A Divorce

8 November 2021
 Categories: , Blog


One of the key components of many divorces is the disposition of property. This extends beyond real estate and tangible assets. It also includes accounts and even debts. When you speak with a divorce lawyer, they'll likely encourage you to do the following four things.

Avoid Transfers Whenever Possible

There is no worse look when it comes to property than trying to transfer assets. Even if you were planning to sell a car before the divorce, for example, stop trying right away. The worst-case scenario is a judge will interpret this as an attempt to hide or cash in property, shielding it from the divorce process. The absolute worst version of this would lead to criminal fraud charges if someone did it knowingly and with the intent to hide assets.

If you must move ahead with a transfer, contact your ex-partner's divorce attorney. Make arrangements so both sides understand and document the transfer. You can then split the proceeds or agree to subtract them from an eventual settlement. Never transfer a marital asset without a written agreement accompanied by signatures from both parties. Also, don't assume a court will agree an asset is non-marital. Freeze actions on non-marital assets until your divorce is over. It's better to be safe than sorry.

Itemization

You can't fairly split assets until you have a full inventory. Collect account numbers, property titles, and other identifying documents. Make copies, too. If an asset is big or expensive, include a photo tying it to the identification.

Prioritization

A bonus of itemizing assets is you can use this opportunity to prioritize what you want. After making the itemized list, go through it and rank what interests you. If you consider an asset a must-have, rank it highly on a 5-point scale.

Rank things even if you hate them and want them gone yesterday. You can often do some trading based on things you're comfortable giving away. A divorce lawyer will strongly favor give and take over fighting for years. Be charitable about stuff that isn't on your radar.

Negotiate

Ideally, you and your ex will settle the case without getting the court too involved. One of you will have to sue because the law requires someone to request relief by terminating the marriage. However, your divorce attorney can submit the negotiated settlement with the suit. A judge will review it for fairness, but they usually won't ask questions unless something appears to be glaringly unfair to one party.

Look for a divorce lawyer to help you through this process at a firm like Brown & Hilderley PLLC


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