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Ensure Fair Property Division With These Tips

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Divorce is a stressful experience, and you may think that, when it is all over, the heartache will end. However, before everything is through, you will still need to resolve to divide the property between the two of you. This can be acrimonious since couples usually insist on a fair share. If you want to be sure that you’re not being cheated, here are a few tips.

Get Reminded of Local Laws


This is where a divorce attorney from Murray and other areas would be able to help. Depending on the state, there are different ways they judge how property is to be divided. Some states go for a straight 50/50 split, while others will ask for a “fair and equitable division.” They may sound the same, but fair does not always mean a full separation. There are several factors to be considered when it comes to making sure property is divided fairly like who paid for it more and others.

Part of the consultation with the lawyer should be on what constitutes personal and marital property. A lot of people are hung up on the idea that though they did put a lot of money into it, it still needs to be divided. For example, a 401k can be considered a marital property if it was acquired during the marriage and needs to be divided during the divorce. This also applies to bank accounts and other assets.

Divorce

Know What You Have

Before going into the property division, it would be best to take stock of everything that will be up for grabs. This can range from your personal savings to property you own. Work with your lawyer on how to present all this. Don’t forget your liabilities either – some debts you owe will also be divided, while others will not.

Honesty is the Best Policy

Divorces can get bad, and this often makes people decide badly. One of these bad decisions is hiding assets during a divorce or not declaring them. This is a bad idea since it will have the law against you. It’s better to come clean and have the entire thing decided properly. You can be sure that ex’s attorney will sniff any hidden assets out and then you’ll be in trouble.

Compromise is Key

With a divorce, it is tempting to get some petty revenge when it comes to the property division. However, this will make things longer and acrimonious. This is where negotiation and compromise are important. Have your lawyer do the negotiating if your feelings are getting in the way. Instruct them on what you want and what they can compromise on. This will make things easier for both of you.

Remember that compromise doesn’t mean being a pushover though. Don’t agree to something that would put you on the losing end unless you get something in return.  Your lawyer will be a big help in this, especially if you hired a good one.

Making it Fair

The division of marital property is usually the most contentious part of any divorce. This is usually both parties are thinking that the other side is cheating them. The tips above should be a big help in ensuring that both sides are satisfied and no one walks away angry. You already have enough negative feelings in your life, and you don’t need more.

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