The process of dividing assets is one of the most difficult parts of divorce proceedings. Whether or not you and your spouse can come to an agreement on your own will set the tone for the entire divorce process. Having a plan of how you want the conversation to go ahead of time and getting some advice from an experienced Utah divorce attorney will help you both to stay calm throughout the proceedings. Follow this step-by-step process to guide your conversation about dividing assets.
Step 1. Listing Your Assets
Make a list of all of the assets that are shared between you and your spouse. Have your spouse do the same to make sure nothing is left out. Include everything from your home down to your household appliances. It can be an exhausting process, but it will pay off in the long run. To make things easier, group less valuable items together into categories like, “dishes,” or “bedroom furniture.” Be sure to include all bank accounts and other financial assets as well.
Step 2. Assigning Value
Work your way through your list together and assign a monetary value to each item. This will make it easier to determine if the division is equal when you start splitting things up.
Step 3. Dividing Your Assets
Now go through your list item by item and assign ownership. Many of the items on your list will be logically assigned to one or the other. For instance, the house often goes to the person who will have primary custody of the children. Family heirlooms and antiques usually go to whoever brought them into the marriage.
Once your logical assignments are made, you can add up the value of the property each person is retaining. You can then divide the rest of the property with these numbers in mind, doing your best to keep things relatively equal. If you can get through your whole list on your own, you stand a very good chance of avoiding trial and having an amicable divorce. If there are disputes between you, turn to your divorce attorneys or a mediator before taking it to the judge.
Additional Considerations
Some points to consider when dividing assets are that you need to be honest about your assets and that everything may not come out 50/50. If you have a secret savings account, it’s not a good idea to try to keep it hidden. It will probably be discovered and there are stiff penalties for hiding assets. Being honest about the balances of retirement accounts, life insurance policies and other financial holdings is essential.
In cases where you and your spouse own a home, vacation properties and/or a business together, things may not come out even when these items are divided. You may be able to come to an agreement regarding these inequalities, or you may need to ask for some assistance from your divorce attorney about how to level the playing field.