Make strategic decisions regarding property settlements
When you go through a divorce, dividing up the marital property is often one of the most contentious aspects. Even the most civil divorces can turn acrimonious over decisions on who gets the house and other major assets.
These are decisions that should only be made strategically. Both parties need to seek the counsel of their respective attorneys before making any demands. If you make these decisions using your heart and not your head, you could wind up with the short end of the stick in your divorce settlement.
Considering whether to fight to remain in the family home, let your spouse buy you out or put it on the market and split the proceeds is a major decision. For instance, where you are on the ladder of your life matters greatly. Younger parents with children still living at home might decide to fight for the house in order not to disrupt the kids’ lives and preserve continuity as much as is possible.
But older empty-nesters may view it far differently. Maintaining a home, especially an older one with structural or other deficiencies, gets harder to do as people age. Instead of a haven, after a gray divorce, the home can become more of an albatross. It might be far better to sell it and use the funds to purchase something smaller and easier to maintain.
Retirement accounts and pension benefits are likely another big asset you will need to split with your spouse, and again, your age at the time of divorce can also be a major factor. If you are divorcing in your 20s or even 30s, you likely will have plenty of working years left to rebuild your retirement funds. But older workers don’t have that luxury. So again, your strategy becomes very important when negotiating.
We can help you exit your marriage with sufficient assets to begin your newly single life. Find out more about the help we can offer you.