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Financial obligations regarding the division of marital assets

by | Feb 11, 2017 | Property And Asset Division

The negotiation of property division can be quick and easy for couples seeking an amicable dissolution of a marriage that has not accrued any property like a house, car or large ticket items. However, splitting up real property that can hold sentimental value can be a complicated discussion. Reaching a consensus on what constitutes a fair and equitable division of assets is a delicate balancing act that hinges on complex valuation and debt assumption that can place heavy financial burdens on one party or the other.

It is important to realize that while an agreement may have been reached between the two parties, following State divorce laws, this does not constitute a binding contract until a judge decrees the documents. Likewise, if the pair cannot reach an agreement on dividing assets, then a court may pass judgment on what is a fair division. Typically, this judicial intervention might be limited to those items that cannot be agreed upon by the divorcing couples but might also extend to any assets acquired during the marriage. 

In the case of communal property such as a house, the value of the assets can be split between the two parties so that one individual can buy out the other to avoid liquidation of the family home. In this situation, an assessment of the property value is a critical component to reaching an equitable division of assets. Whatever the property, circumstances can often play an important factor in determining what a marital dissolution agreement can look like.

The complexities of property division can be difficult to work through when you factor in the emotional and sentimental value of the equitation. Seeking the advice of a licensed and experienced divorce attorney can help you navigate through the division process. Expert advice, early on in the negotiations allows you to be aware of the financial obligations that you can be assuming during the divorce and help you avoid costly mistakes.