Divorce is tough but a lot of couples are able to navigate the process with grace and calm. Perhaps both understand the pain of separation. They choose to let respect prevail over bitterness and frustration. They talk about how they are going to proceed with their separate lives, including the practical issue of dividing their assets in order to ensure fairness and wellbeing for both. If they are able to remain amicable, then they can reach a settlement documents and make everything go faster. This is more advantageous for both as they will have a say on all of the decisions instead of letting the court decide their fate.
Personal Assets
The general rule is that assets acquired before marriage are one’s personal property. If you bought your car, your house, your jewelry, your sports memorabilia, your art pieces, and other valuables before tying the knot, then you get to keep them after the separation. It is best to list everything down and note their dates of acquisition to avoid any confusion. If the couple has been together for a while before marriage, then there may be some things that were bought with each other’s assistance despite being technically single. These will need to be discussed thoroughly to make sure that they come to a viable solution.
Marital Assets
Unless there was a pre-nup agreement stating otherwise, assets acquired during marriage are considered as joint property. This is where the division can get complicated as both parties may have their eyes on the most prized possessions. If the partners are able to stay civil, then a face-to-face discussion may be enough to iron out the situation. If not, then they can send their lawyers to the negotiating table to hammer out the settlement. Included in this are the contents of the joint bank accounts, retirement assets, investment portfolios, and other securities.
Note that joint debts will also be part of the process. These include mortgages, car payments, bank loans, credit card debts, and so on. Student debts are usually considered as personal obligations. A for the gadgets, clothes, and other personal use items, they may be given to the primary user for simplicity. Items that hold deep sentimental value for each spouse may also be given to that party.
Custody and Support
Child custody and visitation rights are also incredibly difficult for a lot of divorcing couples. Some will fight for sole custody while others will share the living arrangement. The time can be split in half but it can also be skewed towards one party due to practical reasons like the house being near the school and so forth. Child support and spousal support are also important matters with long-term implications. Make sure to have a lawyer go over the settlement documents.
