As a psychologically trained divorce attorney and mediator for over 35 years, I can tell you divorce can be a complicated and an emotional process. One of the most challenging parts of divorcing can be the division of property and assets.
In order to help make things smoother for you, I have created a list of my 10 tips to help guide you when you are dividing property during a divorce:
- Make a list of all assets and debts: Put a list together detailing you and your spouse have accumulated during your marriage. This list should include items such as real estate, bank accounts, vehicles, and any other property you both own.
- Hire a mediator: Mediation can be very effective if you and your spouse are having difficulty agreeing on the division of property. A neutral third party can help you both reach an agreement that is fair and equitable.
- Get an appraiser: If you have items that are difficult to value, such as art or antiques, consider hiring an appraiser. This will ensure that each item is fairly valued and that you are dividing your property equitably.
- Consider the tax implications: When dividing property, it is important to consider the tax implications of each item. For example, if you sell a property, you may be liable for capital gains taxes.
- Be flexible: Be willing to be flexible and open to different options. For example, instead of fighting over who gets the house, consider selling it and dividing the proceeds.
- Create a budget: Create a budget that takes into account the costs of dividing your property. This will help you avoid overspending on legal fees or other expenses.
- Consider the emotional value of items: When dividing property, it is important to consider the emotional value of each item. For example, if one spouse has a strong emotional attachment to a piece of jewelry, they may be willing to give up another item in exchange for it.
- Remember retirement accounts: Retirement accounts can be some of the most valuable assets that you and your spouse have. Make sure to consider these accounts when dividing property. Be aware there are tax implications as well.
- Think of the future: When dividing property, it is important to consider what each item may be worth in the future. For example, if you are dividing stock, consider the potential for growth.
- Seek legal advice: It is always a good idea to seek legal advice from an attorney who specializes in divorce and property division. They can help you understand your rights and ensure that you are making decisions that are in your best interest.
Dividing property during a divorce can be a challenging process, but with careful planning and consideration, it can be done fairly and equitably. By following these tips, you can ensure that the division of property is as smooth and stress-free as possible.
As a psychologically trained divorce attorney and mediator, I am skilled at providing legal/common sense direction to help you make important decisions when it comes to division of property as part of the divorce process. Let me be your guide. Call me now to find out more…
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Warm regards,
Lois
New York Divorce Lawyer Lois Brenner is a division of property expert!
Call now to schedule your FREE consultation.
212.734.1551.