How to Sort Your Assets Out During a Divorce

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Sadly these days, despite doing everything possible to save a relationship, almost 41% of first marriages end in divorce, and second or third marriages have an even higher failure rate.

If this is going to happen to you, you need to think about your options before the nasty, uber-emotions kick-in.

Property

The experts at Nolo advise you to determine what is community and non-community property. In layman’s terms, all earnings by both spouses, plus all debts incurred, during the marriage, are community property. As such, they are subject to equal division in 10 US states, and a fair distribution in the others.

Non-community property is anything that was brought into the marriage but was 100% owned by one of the people prior. If this is then co-mingled with anything during the marriage, it most likely becomes community property.

Children

This is the messy one. According to Creative Solutions, the biggest victims of divorce are children. Depending on their age, this can range from them blaming themselves, to feelings of abandonment, or a complete uprooting of their lives.

It would help if you took a moment to consider how this divorce will affect them and what steps you can take to alleviate the burden. Always remember, you’re obligated to put your children’s needs ahead of your own, every time.

When choosing which parent to live with, the questions of school, jobs, and social circle must be answered. The least amount of disruption to their lives and schedules will solve this issue for you very quickly.

Professional Advice

If you’re one of the few couples that can agree amicably on all of the above, congratulations, you really are amazing people. For the other 99%, you’re going to need advice from a lawyer.

Choosing a lawyer can be very tricky, remember they are in the business to make money. However, there are good lawyers out there. The gang at RDK Legal stresses that you must choose a person who will give you an honest assessment of the situation, leaving emotions out of it.

Clear Heads Before the Crash

Divorce is, in most cases, a terrible situation, fraught with ridiculously high emotions and often, with extreme irrationality. That’s why, if you suspect this is your near future, do your research, get the facts, think about your kids, and make sure you get the right legal advice.

It’s going to be a very rough time, but you can prepare for it, and really, you must.

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