Divorce and Assets Division: Who Gets What?

You thought you would marry and have a happily ever after. You thought the day would never come when the “D-word” would escape your mouth. However, sometimes divorce is necessary. While getting a divorce is complicated and painful, sometimes the process of “untying the knot” can be more difficult, especially when it comes to dividing assets. At Blood Law, we are here to help you navigate the complexities of the divorce process. Here are three simple guidelines to keep in mind:

Make a List
Starting with assets that were acquired prior to marriage, make a list. Include income, jewelry, clothing, property like real estate or land, vehicles, even debt. These items were owned by you prior to the marriage and therefore, may not be considered divisible during the divorce process. If you fail to make a list or claim ownership of property you owned prior to the marriage, it could be considered part of the divisible estate. A word about debt: just as property is considered as an asset, so is debt. Expect that any debt owned prior to the marriage will be retained by the original owner.

Check it Twice
In addition to property that was brought into the marriage, you must document property that was acquired during the marriage. This includes more than income – anything of value must be accounted for. This means everything from the house to what is inside, jewelry, savings, stocks and investments, and even pets. Be sure to list everything. Every effort will be made to divide items equally. This is where Blood Law steps in to negotiate terms, in order to reduce tensions and make the division of assets go as smooth as possible.

Be Flexible
While we will fight for you to get all the property you want to retain from the marriage, chances are you may have to give up a few things. Remember, be flexible. There are many ways to accomplish the goal of asset division, so it is important to keep an open mind while negotiations are happening. If you are going through a divorce and need assistance with property division, be sure to call Blood Law. We have the compassion you need and the experience you can trust.