The decision to get divorced is the first step in a long journey. While you might be excited to start your new life, you will have to bid adieu to your married life. From a social and emotional standpoint, you can take your time. From a legal standpoint, you have to get things done on the court’s timeline. This can be difficult.
For people who have a high-asset case, the property division process can be complicated. There are several things to consider when everything is being divided. If you and your ex can work together to get this done, you might be able to finalize the divorce faster. Considering these points might help you with the division of assets and debts. If you can’t come to an agreement, these are some of the things that the court will consider.
When the asset or debt was obtained
Property that was obtained before the marriage is likely going to be considered separate property, but this might not be the case in all instances. Determine what property is going to fall under the martial asset category so that you know exactly what you need to divide. Make sure that you review a prenuptial agreement, if you have one, to find out if there is any property covered in this.
How the asset was held
Even if property was initially considered separate property, it might be considered marital property over time. This is because of comingling. You have to be careful with what you do with separate property because using marital funds to keep up the separate property could lead to it being reclassified. It is a good idea to evaluate how the property has been held to determine how this might impact the property division.
The value of the assets
You can’t go by the current market value of most assets. Instead, you need to look at the long-term value of the asset to determine how you should handle it. For assets that are expected to appreciate in value, you might need to consider what is going to happen in the future. You might find that some assets aren’t what they appear on the surface.
An ability to balance assets and debts
Don’t get so focused on the assets that you neglect to think about the debts. You can balance out the assets when you assign the debts during property division. Make sure that you don’t get stuck with all the debts while you only get minimal assets.