It is estimated that US first marriage divorce rates will remain between 40% and 50% in 2024.
Yet, this rate has been declining continuously for several years.
By the year 2025, demographic and APA predictions suggest that 41% of first marriages in America will eventually result in a divorce.
One of the hardest aspects of a divorce, both financially and emotionally, is dividing property and assets.
When it comes to the issue of assets, it gets tricky since splitting them evenly is not easy.
It is very important to be able to identify assets that are either separate or shared, to know how to negotiate justly, and to have an idea of the value of each asset.
If strong emotions get involved, the property division process is likely to become complicated.
If one party is honest and fair, the other side may consider it as well.
Let’s look at the criteria you must meet to protect your rights and reach a fair conclusion.
Understand Your State’s Property Laws
One major issue in divorce situations is the fact that property division differs from state to state, necessitating an understanding of your state laws since they will directly affect the distribution of your assets.
In some states, all the items bought while the couple was married are regarded as being owned by both partners, which is the reason why, in community property states, there is a typical division of all properties acquired at a 50-50 equal split.
Meanwhile, assets in equitable distribution states are divided fairly but not necessarily equally.
Understanding some information can give you slight comfort when facing these troubling periods.
Get all the facts or call a lawyer to clear up any misunderstandings about what your actual rights are.
According to divorce lawyer Richard Ruhl, the best approach to divorce two individuals who are determined to get separated is to make the legal process as hassle-free and uncomplicated as possible.
A divorce lawyer will help you have a greater opportunity for a non-contentious and out-of-court settlement in the case of divorce.
Having a skilled and experienced attorney’s legal counsel will empower you to face the circumstance with better coping mechanisms.
Create a Comprehensive Inventory of Assets
Prior to the commencement of negotiations, it is necessary to prepare an extensive inventory in full detail. All the property belonging to both parties must be clearly identified and accounted for.
These include the house, a few pieces of large furniture, electronics, and so on.
Do not forget to document joint bank accounts, investments, and the like.
Cover everything with detail. Include at least the family treasures or belongings that have a special meaning to you.
A list of your possessions will serve as a security measure for both sides and it will be the basis for your negotiations.
Organizing these matters beforehand will save you countless hours of headache in the future. An assets list tells a lot about one’s intention to reach an equitable agreement.
Assess the Value of Shared Property
Once you have listed your assets, the next step will be to assess the value of shared property. Conduct a current market value study for your house, cars, and major objects.
Various internet appraisal tools might be of help. You could also seek a professional appraiser for a more concrete determination.
As you study the value of your assets, the maximum debt must be taken into account.
A debt will actually reduce the value of the items in common.
Receipts, warranties, and the like will assist in valuing the asset.
This will clarify what both parties truly own and prepare for any future decisions.
A fair assessment will result in just and peaceful resolutions, allowing you to look forward with assurance.
Consider Emotional Attachments and Sentimental Value
When dealing with the distribution of your mutual estate, one major thing to consider is emotional attachment and sentimental value.
Some assets are more than just pieces of property.
They may sometimes bring back valuable memories or mark another milestone in your relationship.
Keep in mind family heirlooms, gifts, or even the couch upon which you spent countless hours just chitchatting away.
These objects may incite feelings of comfort and belongingness.
Be straightforward and sincere concerning your needs and feelings on the matter.
That recognition of sentimentality may foster a more real and sensitive division of sentiment.
Compromising acceptance gives both parties the opportunity to feel important and to proceed with feelings of closure and appreciation.
Negotiate and Communicate Openly With Your Ex-Spouse
Negotiation and open communication will facilitate the splitting of properties.
Use empathy and truthfulness when dealing with the other party. Be collaborative instead of taking opposing positions.
When expressing your views and feelings regarding various topics, keep in mind that these matters concern both of you.
Try to nurture that feeling of give and take to help in reaching compromises.
Use statements with “I” to say what you feel rather than accusations that fault the person.
Listen intently to your ex’s view of the situation and see to it that they feel acknowledged.
Such exchanges demonstrate respect and can lead to a compromise where both sides are emotionally and practically affected.
