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Assets, Bills and Property: Dividing It All During Divorce
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One part of divorce is determining who gets what; bills, the house, the property, vehicles, personal belongings and more. Of course, this is a very complicated process and can be very painful and hostile if we allow it to be. It’s not as easy as dividing things straight down the middle or saying, ‘this is mine, this is yours.’ In fact, a financial planner may provide you with the guidance and help you need. For instance, he or she can point out the difference in loans depending upon interest, stocks and more.
One way to help you get a deeper insight into your financial situation is to list the things you have as far as assets. It will help you remember all of the things you have before you go into negotiations with your spouse. You want to write down things like bank accounts, your home, vehicles, any pension or retirement plans, recreational vehicles like travel trailers, boats or motorcycles, insurance policies, safety deposit boxes and anything else that’s relevant. Make sure to list the things that both of you hold – regardless of who’s name is on the paperwork. You can write down the name that is actually on the paperwork and whether or not the item was acquired before or after you were married.
Most of the time, the items that you brought into the marriage are yours to keep and the same goes for your spouse. Another thing you want to make note of is contributions you made toward the marriage. For instance, if you supported your spouse while he or she obtained a degree or built a business, you may be entitled to some sort of reimbursement. After you’ve made a list of assets and personal belongings, you will want to make a list of the bills that are owed. You can separate these by the names the debts are under – yours or his.
Of course, in this list you will want to include loans and mortgages, taxes, payments, credit card payments and anything else that the two of you owe. Remember that all creditors know is that they are going to hold the person who’s name is on the payment responsible – whether you are both paying on the debt or not. So, this needs to be sorted out with the divorce so that the payments, debts and bills can be divided fairly as well as the assets and property. There are services that can help you if you feel that your spouse will default on a loan in your name or a loan that is in both your names.
You can use this lists to determine the net worth. Simply subtract the bills and payments from the property and assets. You can do it separately so you can determine the net worth of you and your spouse. You can show this information to your financial advisor in order to help you negotiate better. It should come out with an even amount of assets and debts for both you and your spouse – or at least fairly close. Although emotions are a huge factor of a divorce, using your head is the most important thing you can do right now.
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