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3 things to think about during property division

On Behalf of | May 5, 2024 | Divorce

The property division process is one that can become complex, especially when it comes to marriages that have experienced the acquisition of considerable assets and debts.

If you’re navigating this reality, know that one of the most important things to remember is that you need to think logically. Letting your emotions rule during this time could mean that you end up with assets you don’t need or that you let go of things that could help you in the future.

Assets can be costly to keep

Assets may have considerable costs to keep. Think about your marital home. If you’re going to try to keep it, you’ll have to be able to afford the mortgage, insurance, property taxes, upkeep, maintenance and other related costs. Since you’re having to do everything on your own income, you must sit down to write out a budget and determine what you can afford to keep.

Debts must be divided

You and your ex will also have to divide the marital debts. There are a few ways you can handle this. One of these is that you can liquidate assets to pay off creditors. Another is that you can divide the debts and each person pays what they’re ordered to pay. If the latter is what happens in your case, it might be necessary to move some debts to individual accounts if they’re in joint accounts at the time of the property division process.

Credit history can suffer

It’s possible that your credit history and score may suffer because of the debt division. Creditors don’t have to abide by the divorce terms, so they can still hold you and your ex both accountable for the debt if it was a joint debt. You may take hits on your credit report if your ex doesn’t pay what they’re ordered to pay.

As you can imagine, the property division process can become contentious. Working with a legal representative can help you to learn about the options that are available and determine how to move forward most effectively in this regard.