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Errors to avoid when dividing property in a divorce

On Behalf of | Apr 18, 2024 | Divorce

Property division can be a hotly contested issue in a divorce. People can sometimes act in ways that end up costing them in the long run

Here are a few errors to avoid:

Failing to declare assets 

Hiding an asset could lead to your spouse getting a greater share of things. Or perhaps to them getting all the assets you tried to prevent them from getting a share of.

The court will be annoyed to discover you being untruthful about your assets and may act to punish you by awarding your spouse.

Failing to look at the bigger picture

A court will look at the overall picture when dividing property, and so should you. For instance, you might want to keep a share of the business your spouse founded because you made some contributions to it when married. Yet, if you and your spouse are not going to be able to work together, your continued presence could affect profits. Think about what that will mean if you share children. It might be better to let your spouse keep all of the business and you take something else instead. That way they can focus on making a profit and provide the money to fund your children’s education.

Failing to understand your legal entitlements

You cannot hope to achieve your deserved slice of the marital property if you do not understand certain basic things. For example, what classifies as marital property and what does not. And how state law considers things should be divided. Taking legal guidance to learn more about this and all other aspects of a divorce will put you in a stronger position when seeking to resolve your divorce.

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