Tips On How To Settle Property Disputes In Divorce Cases
It’s always best in a divorce if the divorce lawyers can agree upon how property will be allocated. The worst situation is for the divorcing husband and wife to spend time, money, and emotional energy on splitting up their assets. Below are three key tips to help parties work through these tough issues.
3 Tips To Settle Property Disputes In A Divorce Case
Tip #1 – Make Lists of All Marital Property
For starters, the husband and wife should each make a separate list of what they view to be marital property. Those who have a business or nonprofit together may want to consult their nonprofit audit service provide and accountant. Some may consult an accountant, though in most cases, the divorce lawyers will then get together and compare the lists to ensure that the universe of assets is the same. If one party doesn’t care about an item, and thus did not put it on the list, then that item is easy to resolve. All assets must be listed, so make sure to include everything you have! This may be the cars in the garage, the jewelry in the drawers, and even fun items, like the paddleboard in the garage. But you can’t forge about other assets that may be in play. For example, if either the husband or the wife had a car accident injury, then there may be compensation that comes in and becomes marital property. Don’t forget to include that!
Tip #2 – Prioritize the List
Once the list is made, then each side should prioritize the list. It’s a good idea to have 3 categories: (1) Things I Really Care About, (2) Things I Sort Of Care About, and (3) Things I Don’t Really Care About. This helps the husband and wife understand what’s really important in the divorce. The parties can then compare the lists to review where common ground can be met.
Tip #3 – Use an Independent Party To Value Items
Obviously, there will be bumps in the road. Divorce is a very emotional process, and splitting the property oftentimes ends up in a battle. Before the husband and wife are mired down in depositions with a court reporter, it’s prudent to try and have a third party place a value on the assets. Some items clearly have an emotional aspect, and therefore a sentimental value. But for many of the assets, a simple valuation by a third party that the husband and wife agree upon may really help move things forward without a fight. Sometimes, these third parties are appraisers with special knowledge of the items that are being split. Other times, it’s possible to simply utilize information on the Internet. For example, if a vehicle is involved, then the value of the car can be determined through valuation sites.
When it comes to splitting property in a divore, things can get messy. But following these tips an really help move things along.