Fair Ways To Split Property in a Divorce

Going through a divorce is hard. Along with all the emotions, there's the challenge of dividing everything you've shared. How do you decide who gets what? If you're wondering about this, you're not alone. Look at some tips to help make the process of dividing property a little easier.

Know the Difference Between Shared vs. Personal Property

First things first, know which items are considered shared and which are personal:

• Shared Property: This is stuff you got while you were married. It can be things like a house, cars, or even smaller things like furniture.
• Personal Property: These are items that belonged to one person before the marriage or were given as gifts.

Understanding what's shared and what's personal can make the division process clearer. But remember, the rules can be different in some places, so always check.

Make a List and Talk It Out

Starting with a list can make things easier:

• Write Everything Down: Make a list of all the shared property. This way, you both know what needs to be divided.
• Discuss and Decide: Sit down and talk about who should get what. It might be hard, but try to stay calm and listen to each other.

Having a clear list and a calm conversation can help both of you see what's important to the other person.

Think About the Kids

If you have kids, they should be a big part of the decision:

• Their Home: Think about where they'll live most of the time. This might help decide who gets the house.
• Their Stuff: Things like toys or their favorite bed should stay where they feel most comfortable.

Remember, this time is tough on them too. Try to make decisions that are best for them.

Consider Selling and Sharing the Money

Sometimes, it's just too hard to decide who gets certain things:

• Sell Big Items: If neither of you can agree on who gets the house or car, think about selling them. Then, you can split the money.
• Divide the Cash: Once everything is sold, divide the money in a way that seems fair to both of you.

This way, both of you get something and can use the money to start fresh.

Think With Your Head, Not Just Your Heart

Divorce can be emotional, but when dividing property, it's crucial to stay objective:

• Evaluate Real Worth: While certain items might have sentimental value, consider their actual worth. Sometimes, letting go of smaller things can ensure you secure assets of greater value.
• Stay Practical: Think about your future needs. Will that second car really be practical, or are you clinging to it because of memories?

By taking a step back and viewing assets from a practical standpoint, you can make decisions that benefit your future rather than being held back by the past.

Plan for the Future

While it's easy to get caught up in the present moment, consider the long-term implications of your decisions:

• Assets With Growing Value: Some properties, like land or investments, might increase in value over time. Think about their potential worth in the future, not just what they're worth now.
• Upcoming Expenses: If you're taking an asset that requires maintenance, like a house or a car, are you ready for the related costs?

By considering the future, you ensure that the assets you're fighting for today don't become burdens tomorrow.

Get Some Help If Needed

Dividing property can be tricky. If you're stuck, get some help:

• Mediators: These people are trained to help couples decide how to divide their things.
• Lawyers: If things get tough, you might need a lawyer to help make sure everything is divided fairly.

There's no shame in asking for help. Sometimes, a third person can see things more clearly.

Divorce is tough, and dividing property is just one part of it. But with patience, understanding, and a little help, you can get through it. If you're going through a divorce and need help with dividing property, reach out to Peterson & Peterson, LLC. We're here to support you and make the process easier.