Dividing marital property is rarely an easy process. If you’re getting divorced, you may be understandably concerned about how you’ll need to go about setting expectations, fighting for your priorities and remaining flexible enough to reach reasonable compromises. It’s a lot to think about.
Thankfully, whether you’re navigating the process amicably or facing conflict, taking thoughtful, informed steps early on can make a significant difference to the outcome of your situation. Understanding how to approach property division with your spouse as effectively as possible can help to minimize your stress, promote fairness and protect your financial future as you embark on a newly single phase of your life.
Making and executing a plan
The first step is to get organized. Begin by making a comprehensive list of all of your shared assets and debts. This includes any real estate, personal property, financial assets and any business interests that you may have acquired or otherwise shared during your marriage. Also, be sure to assess your debts such as mortgages, car loans, credit cards and personal loans. This preparation can help to lay the groundwork for productive discussions about “who should get what.”
Once you have a complete inventory, you can start talking to your spouse. If you are both open to working together, consider beginning the conversation with lower-conflict items, such as household goods or personal items with sentimental value that are likely to be retained by one or the other of you both. Building momentum through cooperation can make it easier to tackle higher-value or more contested assets, such as your family home or retirement accounts. If you have children, thinking through what division of property approach will best support stability for your kids can also be a helpful starting point.
Starting to divide marital property is never easy, but taking a proactive, informed and cooperative approach can ease the burden. With legal support and a commitment to thoughtful planning, you can make decisions that can help you to manage this particular challenge with as much grace and strength as you can muster.