Dividing the Assets in a Divorce
So you and your spouse have decided to get a divorce. While the legalities of your divorce can be handled by the experienced divorce lawyers at Larsen Law Firm in Provo, you need to start thinking about the division of your assets. We have gathered some steps you should consider taking when it comes to dividing your belongings between you and your spouse.
Most states use equitable distribution when it comes to the division of assets between spouses. Equitable distribution doesn’t mean that your assets are split equally down the middle. Instead it tries to be fair by taking into account the financial situation of each person as well as age, health, and potential income. Taking all of these factors into account you will have a better understanding of how your assets will be divided and won’t have to make any amendments in the future.
Separate Property vs Marital Property
Separate property are the assets you acquired before you and your spouse were married. Marital property are the assets that were acquired while you were married. The property must be considered tangible and could include: property, furniture, investments and retirement accounts. Knowing the difference between the two different types of assets will help you when it comes to figuring out who gets what.
To start the dividing of assets off it is easiest to gather all of your personal property first. Start with the easy items such as clothing, accessories, and personal hygiene supplies. There shouldn’t be any arguments regarding these items.
Dividing Household Goods
When it comes to household goods such as kitchen and bathroom accessories try and work out with your spouse an even trade. Determine who could use certain appliances more than the other. Be reasonable and try to keep it even, especially when it comes to monetary values.
Depending on when you purchased the vehicle it will be considered marital or separate property. If you have more than one car you can determine which spouse will take which car. It should be expected that the loan and debt will come with the car.
Keep a List
As you go through the house and decide who will take what, it is always a good idea to make a list and take an inventory as you go. This way if any arguments do arise you can refer back to the inventory. Seek the help of your divorce lawyer or mediator if necessary.
Dividing assets can prove to be difficult. Especially when it comes to the larger items such as cars, real estate, and debt. To help you further with these matters you can seek the advice of our trusted divorce lawyers at Larsen Law Firm in Provo. We are here to help you throughout the divorce process. For more information on the dividing of assets or the process of divorce give us a call today.