If you are currently going through a divorce or thinking about filing for divorce from your spouse, it is important that you understand the process behind dividing up your marital assets.
Understandably, you may not be in the best headspace to carry out the tedious task of splitting up the many possessions that you have accumulated during your marriage, but if you want the division to be fair, you need to know your rights.
From income to pension funds, real estate to investments, even debt, keep reading to find out exactly how you can split your marital assets during a divorce in a fair, stress-free (well, relatively) and seamless way.
This by no means translates to being a pushover, but there is no need to try and bankrupt your soon-to-be ex-spouse, even if they have treated you unfairly during your marriage. Keeping proceedings civil, on both sides, will make the entire process run more smoothly and will cultivate in less stress and more success.
That being said, it is still a good idea to hire a law firm such as rcklawfirm.com that specializes in family law so you can ensure that you get what you are entitled to from your divorce. A good lawyer will also be able to act as a mediator during this difficult time and can offer non-judgmental advice and support when you need it most.
However tempting it may be to hide away money or assets that your spouse does not know about, not only is this dishonest, but you will be surprised at how clever their lawyer might be at uncovering hidden accounts.
For all parties involved, it is much better to be upfront about all the assets accumulated during the marriage at the get-go to avoid any further feelings of animosity. This will also prevent you from being penalized for your dishonesty.
Leave your emotions at home
If you have to attend court as part of your state’s property ownership system, you should try and remain as calm as possible. Yes, this may be hard, especially seeing as everything you worked for during your marriage is being split up, but the courtroom is not a place for emotion.
The appointed judge will be completely impartial, and any property or properties that you have will be divided according to your state’s laws, so there is no advantage to showing your vulnerabilities or to becoming distressed.
Don’t forget about debt
Although you may wish it were, marital debt is not excluded from property division during a divorce. That means that any joint debt that you acquired during your marriage, such as your mortgage, car payments, or tax debt, will also need to be split.
Unfortunately, even if a judge assigns the debt to both you and your former spouse, if your ex does not make a monthly payment, the creditor can still come after you for the payment, which you will then have to pay or risk jeopardizing your credit score.