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The finer points of property division to consider

On Behalf of | Jun 21, 2018 | Property Division

People who are going to file for a divorce need to make sure that they have everything in order before they get this done. There are some important points about property division and the acquisition of assets that you must remember if you are going to divorce.

One very important thing to remember is that you should make any large purchases that you will need to complete before you file for divorce. There is a chance that the court might issue an order that prevents both parties in the case from being able to make large purchases. The same is true if you need to liquidate an asset since that is usually covered by the ban, too.

The property division process for the divorce is based largely on honesty from both sides. You can’t try to hide assets and your ex shouldn’t either. If there is a reason to believe that anything amiss is going on, you might need to hire a forensic accountant to take a look at the situation. This can help ensure that the property division process is on the up and up.

When you are looking at the valuation of property for the division, remember that the court will usually look at the date of separation and the value of the property then. In most cases, it doesn’t matter what something is worth on the date of the negotiations or the finalization of the divorce.

Finally, make sure that you plan for the state of finances that will will occur after you file. You will be going down to just your income without having a guaranteed break in the bills. Make sure that you are prepared for this, even if it means that you need to spend some time saving money. Of course, this isn’t possible in some cases, such as when there is abuse in the relationship.

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