How to Divide Assets during a Divorce
Over the years, you and your partner acquired many things together, but now that you are in the midst of a divorce, it’s time to divide the assets. Deciding on who gets what is a difficult task to tackle successfully. Depending on the number of years you were married, dividing the assets can become an even more complex process. Where there is property, there will be disputes.
How to Avoid Angry Partners? Play Nice
Disputes over assets have been going on for years between divorcing parties. The outcome of fighting over assets isn’t a satisfactory one, as by the end of it, both are bitter, exhausted, and may not have gotten what they really wanted. Their lawyers probably fought ferociously to get their client the best deal, but one person’s lawyer was just a better arguer. So, is there a better way to handle the division of assets? Of course, there is.
Both of you can sit together and make a list of all the assets in a good-natured way. Usually, partners use their attorneys to send the other partner a message, but that only makes things worse and may even delay the process. Instead, coming up with an agreement together will help speed up the divorce proceedings. When both parties refuse to meet up alone then they should go for divorce mediation.
Hire a Divorce Mediator
When both partners refuse to see eye to eye, they may need a push in the right direction. They need the assistance of a divorce mediator to facilitate communication amongst them. Through divorce mediation, both parties will be able to come to an agreeable resolution regarding the distribution of assets. Later, they can take it to a divorce lawyer for a second opinion. However, if you choose litigation, the process of dividing assets such as house and car will differ.
Dividing a House and a Car
In many circumstances, judges can award the house to the partner who has primary custody of the kids. If children are not involved, dividing the house is a major issue which most couples solve between themselves or by putting it on the market. The next issue that arises is dividing the cars.
Regardless of who owns the vehicle, in a marriage they become marital property. The first thing that people look at is to figure out the car’s market value, which can be determined by Kelly Blue Book or other online car valuation websites. If you own a leased car, the car is more of a financial liability than an asset. In addition to dividing cars and the house, you need to divide household items.
Dividing Retirement Benefits and Co-Owned Family Business
Working people often don’t believe that their partner is entitled to their retirement benefits. However, this is a common misconception because just like with vehicle ownership, retirement benefits are community marital property. With joint businesses, a person can buy their partner’s share or provide them with financial compensation.
To learn more about the divorce process in California and how mediation can help, please visit our page, “What is Divorce Mediation.”