The property division aspect of divorce can be an overwhelming process for many individuals. It often involves untangling years of shared assets, memories, and emotional ties. However, understanding the fundamentals of this process can simplify matters considerably. In this post, we'll explore how property is divided in divorce, from identifying marital assets to negotiating a fair split, aiming to demystify this crucial aspect of separation.

Identifying Marital Property

Property division typically starts with identifying which assets are considered marital property. Marital property generally includes all assets acquired during the marriage, except for gifts and inheritances given to one spouse. This step is critical as it lays the groundwork for equitable distribution. During this stage, it is essential to compile a comprehensive list of all assets, including real estate, bank accounts, investments, and physical items like furniture and vehicles. A clear inventory ensures every asset is accounted for and openly valued.

Valuing Marital Assets

Once you've identified the marital assets, the next step is evaluating their value. This process includes assessing the market value of homes, cars, and any collectibles or antiques. Financial assets must often be appraised by professionals for precise valuation. The goal here is to make sure every asset has a clear and fair monetary value to facilitate equitable distribution. According to Custody Change, two-attorney cases resulted in joint physical custody at the highest rate of 82%. This emphasizes the importance of legal assistance in ensuring fairness and transparency during such potentially contentious divisions.

Negotiating the Division of Assets

The last step is negotiating the actual division of property between both parties. This can either be done amicably through mediation or involve attorneys to reach an agreement that satisfies both parties. In some cases, court intervention may be necessary, which underscores the importance of having accurate valuations and understanding of the marital estate. Regardless of the approach, the primary goal is reaching a resolution that reflects a fair and equitable division of all marital assets, taking into account both financial contributions and future needs.

While the property division process may seem daunting, understanding the steps involved can make it more approachable and less stressful. Thoroughly identifying, valuing, and negotiating your assets are crucial components to ensuring a fair outcome. Remember, seeking the right legal guidance can provide support and clarity in what can be a complex and emotional journey. By taking each step methodically, you can navigate through property division with greater confidence and peace of mind. Be sure to reach out to Fischer & Phinney LLP today for more information on our professional divorce lawyers!