An Important Part of the Divorce: Property Division

One of the most important but probably the most stress-inducing process in any divorce is property division. The stress from divorce alone is trying, but when you combine divorce with property division, especially for couples who have been married for a long time, the process can be even worse. It is for this reason that you need to consult with a divorce lawyer in order to make the decisions that will provide you with an equitable settlement while at the same time creating the lowest tax burden. In many cases divorce precedes property division simply because there is such a long process. However, if you are able to reach an agreement with your spouse property division moves along much quicker. Some of the options you may consider in order to speed up both the divorce and property division are: • Make plans to sell the house prior to filing for divorce. You may even choose to delay the divorce until the house is sold thus eliminating one part of the property division phase of the divorce. • Make a decision concerning the disposal of property other than real estate. • Distribute all tangible property prior to the divorce proceedings. If you choose this option you need to keep careful records of your agreements and turn them over to your perspective divorce lawyers. In the final phase of the divorce, property division can be a contributing factor to an ongoing battle among the ex-spouses. While a mutual agreement offers the best solution in a divorce and property distribution, it seldom happens. Some of the properties that tend to cause the most conflict in a divorce are: • Retirement and 401K plansrn • Balances in savings accountsrn • Insurance policiesrn • Balances in checking accountsrn • Furniture and other household goodsrn • Jewelryrn • Motor vehiclesrn • Time shares and vacation homes The most time consuming aspect of a divorce is property division. It can be frustrating and aggravating to both parties. If you are able to come to an agreement using a divorce lawyer or mediator you can reduce the amount of frustration and shorten the time frame it takes to finalize that stage of your divorce.