As you prepare for the divorce process, you should expect to have both questions and concerns. And for many people, these revolve around asset and debt division.
It goes without saying that you have two goals in your divorce:
- Secure as many assets as possible
- Move on from your marriage with as few debts as possible
The only problem with this is that your imminent ex-spouse shares the same goals, and for that reason there’s sure to be some resistance.
Here are some of the most common asset and debt division concerns:
- The family home: You have a lot of assets, but the family home is among the most important. Not only is it where you live (and possibly where you raise your children), but it’s also valuable. Have a plan A and a plan B for dealing with your family home in divorce.
- Retirement accounts: Regardless of your age, you know that you’d like to retire at some point down the road. But if you don’t take this into consideration while divorcing, you could harm your ability to do so at your target age.
- Hidden assets: It’s possible that your spouse could attempt to hide assets from you and the court, all with the idea of keeping them from being divided. If you suspect this, bring it to the attention of the court. Don’t let your spouse get away with it because you don’t want to rock the boat.
- Joint debt: With so many ways to approach this, you may have questions about what is best. Take joint credit card debt, for example. Should you pay it off before your divorce with joint funds? Should you use a balance transfer credit card to split it down the middle?
While these are among the most common asset and debt division concerns in divorce, you should expect others to come to light as you move through the process.
Some issues are easier to deal with than others, but they all deserve your attention. You don’t want to sit back and let things unfold. Instead, take actionable steps to protect your legal rights.