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Using property division to enjoy a fresh start after divorce

On Behalf of | May 1, 2020 | Family Law

Leaving a long-term marriage is a challenge. More than likely, you’ve accumulated a lot of assets and possibly some debt. It’s imperative that you take the time to think about how these will be split up because you might find that that they have a major impact on the way your single life begins.

When it comes to the assets, you have to think about the larger ones and the smaller ones. Most people choose to start with the big assets like the house and vehicles before using the smaller ones to balance things out. Make sure you consider the value of items and not just the current worth when you’re working to split things up.

The debts that you amassed in the marriage might also cause issues. These are challenging because the divorce is a civil matter. This means that your creditors don’t have to accept the fact that only one person is now responsible for the debts. They may still hold you accountable if your ex doesn’t pay the ones they’re supposed to. This can have a negative impact on your credit.

One option that some people who are getting divorced exercise is to sell assets to pay off the debts. This takes away the responsibility of the debts and enables you to start your new life off without having to worry about marital debt.

It is imperative that you fully understand the divorce and property division before you agree to it if you’re going through mediation. If you went through a divorce trial, be sure that you know exactly what’s ordered. This can help you to avoid issues as you work to get the assets and debts where they belong.


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