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Biggest isn’t always best in property division

by | Jun 7, 2019 | Property And Asset Division

Property division in a divorce can be a challenging matter to work through. The situation becomes even more challenging when you are dealing with multiple properties. Trying to balance all of this out will prove to be difficult. One thing that you can do in these cases is to think about which piece of property you do want to keep and which ones are just going to be money pits that you can let go.

We know that this isn’t an easy feat. The first point to think about is what property you want to live in. This property must be your primary focus. As you think about this point, look at the financial impact of the decision. You are dealing with a decrease in income since you will only rely only on your own income. This means that you might not need to hold on to the biggest property that is part of the marriage because it might be the most expensive. You might need to think about downsizing so that you have a smaller financial obligation.

Another point that you must consider in these cases is what other assets you have that you might want to hold onto. Property division looks at all assets and debts of the marriage as a whole. They aren’t divided into different categories. This means that you need to consider the full scope of the settlement you are considering.

We are here to help you review your options and ensure that your rights are respected throughout the process. We want you to start off on the best financial platform possible.