Most divorces involve a high level of stress, which can be tough to navigate for many people. Divvying up assets is one of the more stressful aspects of divorce, especially when you and your ex can not see eye to eye about who gets what.
While you can not change your ex’s viewpoint, you can be careful about the decisions you make. This guide explains what you can do to alleviate stress when figuring out the financial details of your divorce.
Be honest about which assets you must have
Depending on how your marriage ended, you may feel a great deal of resentment towards your former spouse. This resentment might cause you to demand assets you do not really want or need, just to make life more difficult for your ex. Realize that this can also make life difficult for you as well, so the best course of action is to go over your assets one by one to determine what you truly want and need. You may not end up with these assets, or you might have to be flexible about other matters so all parties are satisfied, but making decisions rationally is best for all involved.
Get your finances in order
Make sure you are financially independent going into the divorce, meaning you have your own checking account. You should also understand your current level of debt as it compares to your income, so you can make sound financial decisions going forward. While getting an attorney’s assistance costs money, it is well worth it if your legal team is able to help you retain assets you would otherwise lose.
Review all documents in detail
Once the divorce settlement agreement has been drafted and all decisions have been made, take time to review the document closely. If you and your ex shared many items, including vehicles, homes, financial accounts, and other assets, you must ensure everything is filled out correctly and accounted for according to the court’s determination. It is better to identify problems with the document immediately and have them remedied then wait a few months and find out that the vehicle you thought was going to be re-titled in your name is still owned by your spouse.