Understanding Divorce and Splitting Assets

Understanding Divorce and Splitting Assets

Understanding Divorce and Splitting Assets

Understanding Financial Settlements and Property

You may have heard the term “possession is nine-tenths of the law” in the past. This saying comes up a lot when it comes to discussion property and divorce. Before you start your divorce and splitting assets you need to understand your situation, it’s important to know the basics. For instance, you should never submit to pressure from an ex-partner to sell your home. You’ll have to consider what’s actually available for you to do and consult your lawyer before you move out and relinquish your ownership of a home. You have a lot more options than you think.

You should never submit to pressure from your ex-partner to sell your home. You have a lot more options than you think. It’s often in the best interest of the children for both you and them to stay in the same place, as it means less disruption for the children and a better feeling of stability overall. In many cases, the parent that children live with will be awarded the family home.

Depending on your situation, to keep your house, you might need to part with other assets. You will also have access to a good asset split in most cases, however.

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Understanding Property Division

If you’re lucky enough to have multiple properties, then using a property division calculator becomes a bit more complex. You will need to think about who is going to be able to occupy both properties. Usually, the spends-time-with parent will want to occupy one of the properties until a settlement has been reached.

Property valuation is a common concern for people going through a divorce. A lot of people assume that the house or property will be valued at the time of separation. However, this isn’t always the case. Unless the case is agreed upon as such, then the valuation will not be done until the financial settlement occurs. If you are living in the house, with the view that it will belong to you after the financial settlement, try not to put any capital improvement into the house. If you add value to your property by building a new kitchen or updating the bathroom, for instance, then you’ll end up with more to split between you and your partner. Additionally, it’s worth noting that both parties named on a mortgage are eligible for mortgage payments, even if only one person is living in the house.

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How to Prepare with our Online Divorce Tool

Before you can begin using the Split Easy Asset Division Checklist, make sure that you get a financial statement as quickly as you can. If you don’t have a financial settlement, then your partner will have 12 months from the date of your divorce to contest ownership of the property. Additionally, any debt or asset that is acquired during separation may also be included in the financial settlement too. Although it’s worth working on things like parenting settlements as quickly as possible, you will need to ensure that you also have your financial settlement in place.

Additionally, make sure that you do not sell any property that belongs to you and the other spouse until you have the written consent of the other parent. If you do have to sell the family home for any reason, then make sure that you do not split the profits until you have already got a financial settlement in place. You may be able to both take a small amount of money so that you can pay for somewhere to live but wait until everything is ironed out until you share the money fully.

 

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