When getting a divorce, you are presented with the daunting task of splitting assets. There are many things to consider such as what was acquired during the marriage or what value some of the assets hold. Some values change while others are difficult to put a number on. Not everything can be simply split in half.
This can be especially difficult if there is contention between you and your soon-to-be ex-spouse. Arguments and inability to come to agreements on some of or all the assets can prolong a process that is often already lengthy.
Here are some tips to consider when dividing assets:
Take account of assets attained during the marriage
Accounting for all assets from a marriage can take time and energy. While this step may seem obvious, it is very important. Everything must be included as something from the marriage or a separate entity. The distribution of assets can depend on many factors. Make sure nothing is left out, even if you do not believe it is important or of much value.
Understand property division in your state
Each state handles this differently. What you may be entitled to depends on the state. Some states handle some assets as either community property or separate property. What is included in community is often split evenly while what each side keeps is considered separate. However, Maryland is an equitable distribution state. The court is not required to split assets evenly, it only needs to be fair.
Hiding assets is illegal and can result is serious consequences. Saving money in a secret bank account or through cryptocurrency may sound like an alternative to keeping what you believe is yours. However, secrets such as these can be found out and you may end up losing what you tried to hide. Being honest about everything up front, especially money, is in your best interest.
Hire a mediator
You and your soon-to-be ex-spouse may have a difficult time working through this part of the divorce. There may be disputes that make coming to a decision impossible. Working with someone who is unbiased and compassionate can help you come to a resolution and can minimize time spent arguing.
Dividing your assets can be a difficult process. There may be things you worked hard for that you might only keep part of and other compromises that may not be what you wanted. There are ways you can get through this part of the divorce, even if there is tension between you and your soon-to-be ex-spouse.