One thing that you have to do when you go through a divorce is to divide up the property that was part of the marriage. This includes dividing the debts and the assets of the marriage. Before this process begins, you should understand the rights and responsibilities of both sides. You also need an accurate account of all things that need to be divided.
Oftentimes, big ticket items like the marital home take special considerations. You have to be honest with yourself here. Even if you want to hang on to the house, you might choose to walk away from it if you won’t be able to keep up with the payments and other financial obligations, such as property taxes and maintenance that are associated with keeping the home. Remember, you are only going to have your income to rely on.
Another thing to consider is how you are going to divide the debts. These debts can be considerable, especially if you and your ex had credit cards and loans. You have to be sure that you aren’t going to have to pay more than your fair share of debts. Typically, debts can help to even out the asset division when assets can’t be divided equitably.
If you are in a high-asset divorce, think carefully about the property that is included in the divorce. If you think that your ex is hiding assets, you may need to hire someone to find out if your inclinations are correct. If they are confirmed, you can use that information during the proceedings.
Source: FindLaw, “Divorce Property Division FAQ,” accessed March 24, 2017
