The property division process can be one of the more stressful aspects of getting a divorce. You have to think about how each asset or debt can impact your future. Your ex is doing the same thing. Ultimately, everything must be split to finalize the divorce. If you are willing to work with your ex toward the common goal of splitting marital assets, your divorce can usually be done sooner.
We realize that some divorces have a lot of assets to comb through. It might help if you make a list of all the assets and debts of which you’re aware prior to the first mediation session. You can also turn to the paperwork for the divorce because each party has to fill out a form regarding this matter.
When you are trying to divide everything, think about the practical matters. Yes, you might really love your family’s home, but it might not be prudent for you to keep it. Here are some questions to ask yourself:
- Can I afford to make the payments?
- Can I pay for its upkeep?
- Will I be able to pay for unexpected repair costs?
- How will other costs like insurance and taxes impact my finances?
- Will the asset be more of a stressor than I can handle?
Once you have the answer to these questions, we can help you to come up with a plan. You may decide that walking away from one asset could net you a better benefit. Just remember that the key to this process is compromise. Accept that you might not get every item you want to keep and reserve to fight for those of most value to you.