Going through a divorce means that you and your ex have to divide all the property you amassed during your marriage. This process can be particularly complicated if you don’t have a prenup.
Many people who are divorcing use mediation to address property division concerns. Going into mediation sessions with an idea of what you want to fight for and what you can let go may make the process easier.
Consider the cost of keeping assets
Nearly every asset you need to divide with have some costs associated with it. The marital home may have a mortgage, insurance, maintenance, upkeep, repairs and property taxes. Vehicles may have some of those same expenses. Looking at what it will cost for you to keep certain assets may help you decide if those assets will be of value to you or if they’re going to be a burden.
Account for the debts that are divided
Property division doesn’t involve only splitting assets. Marital debts also have to be divided. This can be challenging because of the risks that come with this process. Property division is a civil matter that’s between you and your ex. Since creditors aren’t part of that process, they don’t have to abide by the terms of the divorce and can continue to hold both parties accountable for debts until they’re paid or transferred to an individual account. This means your ex can ruin your credit if they don’t pay debts they’re ordered to pay if your name remains on the accounts in question. You may opt to sell assets to pay off debts to minimize that risk.
Ultimately, you have to try to protect yourself during the property division process. Taking the time ahead of mediation to set a budget may clue you into what assets you can afford to keep and what you should bypass. Because this can be a highly emotional process, it may behoove you to work with a legal representative who can assist you in making decisions that favor your long-term interests.