Asset and debt division matters are often difficult to settle during divorce. The exception to this is when you have a prenuptial agreement in place. In that case, you just follow those provisions and everything is taken care of. We know that not everyone has prenups in place. If you don’t, you will have to either work with your ex to get the assets and debts split or you will have to turn to the court to get this done.
We know that you might not be sure how you will split all of your marital property. Your focus might be on the high value assets like real estate, investment accounts and businesses. Dividing these is challenging because you not only have to think about the value, but you also must consider what hanging onto the assets will cost you.
When it comes to the costs of these assets, you need to look at what payments are necessary to retain them. This could be the mortgage for real estate or the car payment if you have a vehicle. Other costs, such as the insurance, taxes, maintenance, repair and similar expenses should also be factored into the overall cost of these assets.
If you are in this position, you have to think about what is best for you. Look at what will help you now and well into the future. We are here to help you learn about your options and set up your plan to work toward your goals. You just have to decide where you want to go now.