Divorce is often considered a taboo topic, but on this platform we address everything lifestyle focused – including the good, the bad and the damn right ugly. So divorce talk: how do you split assets fairly? Take a look through this feature to find out some helpful guidance…
So you’re getting a divorce, and you are concerned about the splitting of assets? Well, many people find that this is the hardest part of the divorce, to begin with. You will have time to mourn and grieve over the death of your marriage but firstly, you need to act quickly and with an informed motivation, to secure your own assets. It’s always going to be messy as the dividing up of assets is about wealth distribution and who should get more, who should get less, and what property and item belong to whom? It’s not easy but here are some ways you can split up your assets with re
lative fairness.
The clear and obvious
There are always going to be some things that are quite clearly yours and quite clearly, his or hers. Okay, this is the first thing to get out of the way. How do you know?
- Your name will be in or on the item. This could be something as small as a jewelry box which is a family heirloom. Or, it could be something like a car, or perhaps something like a cabinet in the home.
- You may also have been the only one to pay for it. So even if you gave your spouse a car but did not put their name on it, you still own it and you have the right to take it back.
- You may also have been given an item that is in your name. It could be something like a ring or perhaps a dress.
The grey area
The items which are part-owned by both of you will present the major challenges. Speak with divorce Lawyers that can negotiate on your behalf and also make legal claims on items. Again, there may be a car which you both paid for and only one of you has your name on it. You are owed half of the car’s worth and so are they, even though you don’t have your name on it. This is something that is just plain fairness and the judge will see it that way.
Other grey areas might include the home. If you both paid for it and you have both had a hand in making repairs, improving it etc, then you will need to make a detailed list of the things you have done and paid for.
Selling it to your spouse
If you own an item but your spouse would want it, and you are happy to part with it, then you can sell it to them. This will be something you need to discuss as to how you will receive compensation for the item. Will they take a deduction of their half of the assets, will they pay for it with cash or will they offer to swap an item that they have for one that you have?
Fairness is not always the first form of doing a divorce but you don’t have to end in a big implosion. If you want to speed things up, enter into candid negotiations and be fair.
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