Property division tends to be one of the most controversial things during a divorce, and it is one of the reasons divorce cases take a long time. With the right approach, however, you can negotiate property division without waiting for the judge's direction. Here are a few tips to help you with the negotiations:
Get a Rough Idea on the Approach the Court Will Take
The first tip is to study your state's laws as far as property division is concerned. At the very least, you ought to know whether your state is a community property state (where all assets earned during the marriage belong to the both of you) or not. That way you will walk away from the negotiation table with anything less than what the court could award you.
Be Utterly Honest with Your Financial Information
Honesty will speed things along, especially if your partner also knows that you are honest. The moment your partner begins to suspect that you are underreporting your income or hiding assets, they will go slow with the negotiations to give themselves time to unearth the hidden assets. Therefore, produce all the necessary documents and volunteer information so that each of you knows exactly what the other person owns.
Consult Financial Professionals
Hopefully, you will have a lawyer looking out for your interest during the negotiations. However, the lawyer isn't the only professional you need during property division; you also need the assistance of financial experts. This is especially true if you have valuable assets; for example, if you own several businesses. The financial experts will help you with the valuation of the businesses and evaluate the tax implications of your proposed division, among other things.
Always Know the Value of the Assets You Are Negotiating Over
It makes no financial sense to spend a lot of time negotiating over a worthless asset. Remember that time is money; the more time you spend on the negotiations, the more fees you will have to pay to your professional helpers. Imagine spending several meetings negotiating on who should take a rundown bicycle that is worth a half of its original. It makes much more sense to spend time negotiating over valuable assets, such as real estate property.
Don't Forget the Long-Term Implications
Lastly, you should always mind the long-term implications or effects of owning the assets you wish to claim as yours. What is the future of that business you want to keep? What about that vacation home, will you be able to maintain it and pay its taxes? Are the assets you wish to keep appreciating or depreciating in value?
Contact a lawyer like Tise Allan Brandon for more information and assistance.Share