The property division process during divorce is one that is usually either calm or very contentious. It can be rather challenging to go through everything amassed during the marriage and determine who is going to get what.
One thing that needs to be decided from the start is how debts will be handled. The decision that needs to be made is whether to sell off assets to pay them off or simply assign them each to a spouse and split all the assets.
If you and your ex decide that you’re going to sell assets to pay for the debts, you have to figure out which ones to sell. Knowing this from the start of the property division process enables you to cross those off the list of things that need to be split up.
As you go through the assets, think about what each one can do for you. Some might be costly to hang onto. You don’t want to have to worry about your finances each month because you held onto them. Instead, let go of the ones you can’t afford on your own salary.
Some of the bigger assets can’t be divided. This includes things like the vehicles and the home. One spouse may buy the other one out of these, or you might be able to balance the values out so everything is split equitably.
Don’t forget that you also have to split smaller assets. Things like furniture, collectables, appliances and gadgets must be addressed. Even retirement accounts need to be discussed during this process. Understanding the depth of things to cover can help you plan for how long this part of the divorce will take.