If you and your former partner are getting a divorce, then you likely have many issues to address during the process.
Whatever the reason for divorce, you need to think about property division. When making a decision, it is a good idea for you to prepare beforehand and have all the information you need to facilitate the process.
1. Identify marital property
Marital property is the property that one or both spouses acquired during the marriage. It does not typically matter which spouse actually owns it when it comes time for a division.
Separate property is the property that one partner owned before the marriage. However, this can become mixed with marital property over time. For example, if one person owned a home before the marriage, but their spouse made significant financial contributions towards the property, then it may become commingled.
2. Determine the value
Have an appraisal done for each item of property to come up with a realistic and fair number. If you and your former partner own significant amounts of property, then remain patient, as this process can take time. If your former partner is hiding assets or engaging in other deceitful acts, then it can be more difficult.
3. Draft an agreement
The complexity of the agreement depends on your specific circumstances. Draft an agreement that seems equitable and provide a copy to your former partner for review. If possible, the two of you can choose to work together, expediting the process.
While finding a fair way to divide property during a divorce is not easy, it is a necessary part of the process.