Property division is the part of a divorce that couples most often dread, and with anxiety comes the potential for missteps.
Here are four tips to help you avoid common property division mistakes.
1. Engage with details
Preparing for property division takes time and attention to detail. You want the whole process to come to an end as quickly as possible, but do not overlook important details. Pay particular attention to support payments and establish a system to track shared costs and document payment issues that arise.
2. Reject the status quo
Everything changes with divorce. When it comes to negotiating the division of your marital assets, remember to take into account changes that could occur in the future, such as loss of employment, healthcare issues and the possibility of asset depreciation.
3. Face a different lifestyle
You will only have one income going forward so prepare for a change in lifestyle. You may have to downsize, live on a reduced budget, and understand that the lifestyle your children are accustomed to will likely change as well.
4. Brush up on financial information
Perhaps your spouse handled the financial side of your marriage. This is the time to learn all you can about financial matters and to prepare for challenges that may develop in the next stage of your life.
If the court takes charge of dividing your marital property, the judge will consider a variety of factors. Among others, these may include the length of your marriage, your economic circumstances and the contributions you made to the marriage. Neither you nor your spouse will take away everything you want from the divorce, but if you have worked to avoid mistakes, you can expect the division of assets to be fair.