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Think carefully about property division possibilities

Having to part with the possessions you worked hard to get can be difficult, but doing so is a reality in divorces. You have to make sure that you have a clear head when it comes time to divide property because letting your emotional attachment to the items rule can make the process much more difficult for you.

In our recent blog post, we discussed how your credit can be affected by a divorce. This isn't something that is pleasant to think about, but it is a huge consideration for many people. Typically, we can use debts to offset the value differences in the assets but this must be handled carefully. When this occurs, we have a unique opportunity to make sure that you aren't saddled with obligations in the future that are going to devastate your finances.

Think about the cost of keeping your marital home. You would be on the hook for the mortgage, insurance, taxes, maintenance and repair on the home. Those expenses might be more than you can handle; however, your heart doesn't want you to part with the house. Your head might tell you to give up the house and the future costs associated with it and walk away with an investment account instead. If the investment account is worth less than the house, you could possibly turn some of the debts over to your ex so that you are better position down the road.

Throughout the property division process, you must take the time to think about every combination that is put on the table. Try not to look at them with only a short-term vision. Instead, think about where the settlement could put you in a year or a decade down the road.

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