Divorce is never a fun topic to talk about; it’s usually riddled with many issues and can allow unwanted emotions and experiences to resurface. However, just because it’s not nice to hear doesn’t mean we should keep it in the hush. And with the number of papers and documents you’ll need to agree on, the last thing you’ll want is not understanding anything.
This case is especially true when we introduce the need for distribution of assets, and with a lot going through both parties’ minds, it’s going to be challenging to get anywhere or make any progress. More so if the couple has multiple real estate properties and small businesses that are difficult to value.
So today we will be exploring divorce, equitable distribution, and how this process will affect your real estate properties. We will also identify the essential steps you’ll need to take to make the divorce process smoother and avoid any unnecessary headaches.
Ask for Professional Help
Before you do anything else on the list, your first order of business should be to ask for professional help. Divorce isn’t something to take lightly, and you’ll be surprised how much it can cloud your thoughts and keep you from making smart decisions. So put yourself in safe hands and get the help of a divorce lawyer who can offer you protection and guide you.
As a result, they can lay down all the legal options available to you, explain challenging to understand clauses, and offer you expert advice on anything that concerns your divorce agreement. Plus, you won’t have to worry about all the paperwork surrounding the situation because they can point everything out step by step.
Here’s What You Need To Do
Now that you’ve enlisted an expert’s help, your next priority is to get a basic grasp and understanding of how equitable distribution will affect the division of your assets. So here are the three things you should practice and watch out for before moving forward:
#1 Identify the Different Types of Properties
While assets can be easily defined as current and non-current under normal business circumstances, in the eyes of divorce court, these are classified into three different types of properties. Depending on how and when these assets were acquired will ultimately decide their faith, namely, marital property, divisible property, and separate property.
Marital Property. This refers to cash, income, properties, stocks, and other forms of assets acquired during the marriage. This category also includes retirement funds, pensions, and even debts, which are tricky to divide.
Divisible Property. Distributing the assets between both parties takes time and can’t immediately be done right after the signing of the agreement. During this buffer period, the value can change and fluctuate, and these fall under the divisible property. These also include any other assets that have not yet been paid or received until after the separation.
Separate Property. Lastly, as the name suggests, this refers to property that was owned before the marriage. This also includes any other gifts and inheritances that are directly addressed to the separate party. However, do be warned that separate properties can become marital properties if incorporated with other martial properties.
#2 Get The Fair Market Value of Your Assets
Next, you’ll want to get your real estate properties and any other assets properly appraised to their fair market values. Enlist the service of a professional appraiser and accountant so that you don’t get cheated out overvalued assets and also prevent lowballed properties that haven’t accounted for their appreciation.
Financial misunderstandings are prevalent in divorce, so to save you from unneeded disruption, it’s much to be prepared than to come empty-handed.
#3 Be Civil and Cooperate
Last but not least, the most important thing you’ll need to keep in check is yourself. If the divorce was agreed upon due to bad circumstances, don’t let be a reason for you to act rashly and make you do something you’ll regret. Always be civil and cooperate, even if the other party refuses to do so.
- Trust the Experts: If you’re unsure about something, always refer back to your attorney. They are more experienced with these situations, so don’t depend too much on yourself and place your trust in those who can help.
- Don’t Let Your Emotions Take Control: Emotions are bound to reach a breaking point when dealing with a divorce, especially if you hold any grudge or anger against the opposing party. However, don’t let these take over but instead control them. Being emotionally unstable will not help your case nor make the divorce agreement easier.
Going through a divorce is mentally, emotionally, and physically taxing. And when we have to think about the distribution of assets and real estate on top of that, it can make anyone go insane. So don’t let the worst-case scenario become a reality, get the professional help you need, and take this information to heart.
