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What should you know about property division?

The property division process is one of the most difficult aspects of going through a divorce. If you’re navigating this situation, you’ll have to determine how to work through everything logically.

There are several things to think about when you’re trying to determine how to handle the property division negotiations. The following tips might not apply to all cases, but they might be a good starting point.

Decide what’s truly important to you

One of the first things you have to do is to decide what assets you want to fight for. This lets you know which ones you can freely let your ex have. It’s important to think logically about what assets you want and what you can afford.

Before you set your heart on certain assets, take the time to write out a budget that’s based solely on your own income. This lets you know what’s financially feasible. As you go through assets, think about all the costs.

For example, the marital home likely comes with a mortgage. It also requires utility payments, insurance, taxes, maintenance and upkeep. All of these can add up considerably, so you must ensure your budget is ready to handle them without putting you in a financial bind.

Factor in debt division

Marital debts have to be handled. This can be done by either liquidating assets to pay those debts or by splitting them up between parties. It’s critical to know that creditors don’t have to abide by the property division process.

Even if your ex was responsible for paying a marital debt, a creditor can still report you for non-payment if your ex doesn’t pay. For that reason, it may behoove both parties to have debts transferred into individual accounts so there’s no chance an ex failing to pay will harm the other party’s credit.

If you’re facing divorce, you should ensure that you understand your rights and responsibilities before committing to an approach. Working with someone familiar with these matters is critical so you know that you can look at situations logically as you pursue a fair and favorable outcome.