Serving Rome, New York residents with legal issues

Big or small, all assets must go through property division

by | Oct 4, 2019 | Property And Asset Division

People who think about property division often focus on the larger assets. This is understandable because they usually have the biggest impact on your finances. However, you might not be fully prepared at the depths that you will have to cover when you go through the division of marital property.

Most people choose to start with the larger assets, such as the marital home and the vehicles. These might take the most time to work through, but once you make it past those, you will find that you have a lot more work to do.

Some of the smaller things that you need to split include items like the art collection and furniture. Even the kitchen appliances, bathroom towels, bedding and silverware have to be addressed. These might not seem like that big of a deal, but it could become expensive to purchase all of these items when you are going through a divorce.

As you are going through the property division process, think about the financial aspect of each decision. For example, keeping the art collection might be valuable and won’t cost you much to maintain; however, it might be very costly to keep the vacation property since it comes with taxes, insurance and upkeep costs.

Remember that some property division decisions come with tax implications. Find out about these before you agree to any terms. This can help you make informed choices that take more than just your emotions into account. Your entire focus during this process must be setting yourself up as best as you can now that your marriage is over.