Divorces are never pretty.
Many marriages fail by addiction, brutality, adultery and numerous amounts of other causes.
While the unity might have not of been perfect, the division of personal property and financial assets can be very complex and intricate.
There are many items and decisions that must be divided among parties.
These matters that were thought to be simple, could turn into a compounded algorithm.
When two parties divorce usually all assets are cut in half (being the parties agree, decisions by the judge, etc.
).
The largest assets are first divvied up, in most cases (not all) that being real estate.
This is not a very easy process.
This can go a couple different ways, one being the house could be sold and profits could be divided.
This way could be a lengthy process, meaning a realtor must come in (take a commission) and list the property for sale, which in turn could take a lot of time in the market today.
Many times when this happens, the estate will usually sell for less than market value as both parties are very motivated to sell.
If the house has multiple mortgages or liens, all financial information must be considered.
Other considerations when exploring this option is division of the taxes paid on capital gains (again, if any), county, village, etc.
Secondly, one party could retain the house, but the second party must be fairly paid out by means of equity, cash, etc.
Taxes again come into play on who will pay and how much.
Other questions that may be distributed between parties are: Who will pay for improvements that the household may need? Maintenance? Insurance? There are many financial obligations that both parties must decide upon on who will pay and receive each.
Another aspect of real estate that must be addressed if it applies to the dissolution is rental or vacation property.
Again, decisions must be made on whether the property (or properties) will be kept or sold and how it will be divided.
If it's a rental, again questions that should be asked are: Who will be responsible for mortgage payments? Finding tenants? Repairs? Assessments? Taxes? Etc.
Other contingencies may come into play with the vacation house that may happen after divorce.
These issues should be answered by an attorney or family law professional.
Personal property is a major concern for most during a divorce.
Depending upon local divorce laws, property held before marriage may not fall into this category, but must be asked by your attorney.
Personal property must be listed and values must be affixed to all items of value.
Personal property items can include, but not limited to: automobiles, recreational vehicles, boats, motorcycles, planes, antiques, art, furniture (possibly at different locations), collectibles, coin/stamp collections, other collections, silverware, clothing, photos, guns, books, personal records, electronics, luggage, appliances, rugs, jewelry, tools, animals, pets, etc.
Not all property that is divided is tangible.
Intangible objects that must be separated law include, but not limited to: savings accounts, checking accounts, bonds, certificate of deposits, mutual funds, money market accounts, treasury notes, cash, unpaid income, delayed payments, accounts receivable, land contracts, bonuses, tax returns, foreign investments, life insurance premiums, etc.
Another intangible property is a business that might have been held between spouses.
Again, the courts, attorneys, and mediators will have to look into the assets and liabilities, accounts payable/receivable, patents, and any other financial statements or information that will be able to put a value on a business.
Other items to consider in divorce settlements include burial plots, any leases the two parties share, timeshares, or other rental income.
Divorce can be a very stressful and confusing time in ones life.
A lot of time, money and effort are put forth in a marriage.
When there is dissolution, both parties must part ways in equal and unbiased course.
There are many assets that are acquired jointly that must be equally divided when divorcing.
The experience can be tedious and painful process.
Divorce attorneys will take most of the burden off ones shoulders by mediating a fair settlement on both parties.
Many marriages fail by addiction, brutality, adultery and numerous amounts of other causes.
While the unity might have not of been perfect, the division of personal property and financial assets can be very complex and intricate.
There are many items and decisions that must be divided among parties.
These matters that were thought to be simple, could turn into a compounded algorithm.
When two parties divorce usually all assets are cut in half (being the parties agree, decisions by the judge, etc.
).
The largest assets are first divvied up, in most cases (not all) that being real estate.
This is not a very easy process.
This can go a couple different ways, one being the house could be sold and profits could be divided.
This way could be a lengthy process, meaning a realtor must come in (take a commission) and list the property for sale, which in turn could take a lot of time in the market today.
Many times when this happens, the estate will usually sell for less than market value as both parties are very motivated to sell.
If the house has multiple mortgages or liens, all financial information must be considered.
Other considerations when exploring this option is division of the taxes paid on capital gains (again, if any), county, village, etc.
Secondly, one party could retain the house, but the second party must be fairly paid out by means of equity, cash, etc.
Taxes again come into play on who will pay and how much.
Other questions that may be distributed between parties are: Who will pay for improvements that the household may need? Maintenance? Insurance? There are many financial obligations that both parties must decide upon on who will pay and receive each.
Another aspect of real estate that must be addressed if it applies to the dissolution is rental or vacation property.
Again, decisions must be made on whether the property (or properties) will be kept or sold and how it will be divided.
If it's a rental, again questions that should be asked are: Who will be responsible for mortgage payments? Finding tenants? Repairs? Assessments? Taxes? Etc.
Other contingencies may come into play with the vacation house that may happen after divorce.
These issues should be answered by an attorney or family law professional.
Personal property is a major concern for most during a divorce.
Depending upon local divorce laws, property held before marriage may not fall into this category, but must be asked by your attorney.
Personal property must be listed and values must be affixed to all items of value.
Personal property items can include, but not limited to: automobiles, recreational vehicles, boats, motorcycles, planes, antiques, art, furniture (possibly at different locations), collectibles, coin/stamp collections, other collections, silverware, clothing, photos, guns, books, personal records, electronics, luggage, appliances, rugs, jewelry, tools, animals, pets, etc.
Not all property that is divided is tangible.
Intangible objects that must be separated law include, but not limited to: savings accounts, checking accounts, bonds, certificate of deposits, mutual funds, money market accounts, treasury notes, cash, unpaid income, delayed payments, accounts receivable, land contracts, bonuses, tax returns, foreign investments, life insurance premiums, etc.
Another intangible property is a business that might have been held between spouses.
Again, the courts, attorneys, and mediators will have to look into the assets and liabilities, accounts payable/receivable, patents, and any other financial statements or information that will be able to put a value on a business.
Other items to consider in divorce settlements include burial plots, any leases the two parties share, timeshares, or other rental income.
Divorce can be a very stressful and confusing time in ones life.
A lot of time, money and effort are put forth in a marriage.
When there is dissolution, both parties must part ways in equal and unbiased course.
There are many assets that are acquired jointly that must be equally divided when divorcing.
The experience can be tedious and painful process.
Divorce attorneys will take most of the burden off ones shoulders by mediating a fair settlement on both parties.
SHARE
